Lenders of Indu Projects, a Hyderabad-based infrastructure and real estate company, have dragged it to the National Company Law Tribunal’s Hyderabad bench seeking initiation of corporate insolvency proceedings.
The move comes after the infrastructure company could not meet its debt obligations of the lenders, which resulted in Bank of India and IDBI Capital Markets initiating proceedings under the Bankruptcy and Insolvency Code, 2016.
According to petitions moved in the tribunal, the lenders contended that Indu Projects was sanctioned an amount of Rs. 2,893 crore by over 12 banks. Of this, Bank of India had extended the credit line and Rs. 380 crore was due from Indu, and contended that the initiation of Corporate Insolvency Resolution process was necessary to recover the dues by finding a resolution.
Taking on record the petitions moved by the lenders and the counter filed by Indu Projects questioning the move, Judicial Member K Ananth Padmanabha Swamy posted the matter for further hearing on October 11.
IDBI Capital Markets, too, sought to initiate recovery of dues of Rs. 5.12 crore and moved a petition in the tribunal. It contended that the amount includes dues of Rs. 2.69 crore, plus an interest of Rs. 2.43 crore.
IDBI Capital Markets pleaded that despite notices seeking dues, there was no response forcing them to move the NCLT.
Even though Indu was sent a notice that insolvency proceedings would be moved for the recovery of dues, there was no response, it said, necessitating corporate insolvency proceedings.
Another Indu Group entity, Indu Techzone, is also facing corporate insolvency proceedings.
Bank of India and
IDBI Capital Markets
have initiated proceedings under
the Bankruptcy and Insolvency Code, 2016
via Lenders drag realty firm Indu Projects to NCLT – NEWS – The Hindu BusinessLine
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