The National Company Law Tribunal, Hyderabad, has admitted the Insolvency Petition against KSK Energy Ventures Limited and appointed an Insolvency Professional.
IFCI had filed a petition for Corporate Insolvency Resolution Process before the NCLT-Hyderabad under Section 7 of the Insolvency and Bankruptcy Code 2016.
The petition was admitted and KS Ramesh was appointed as Insolvency Professional.
The board has been suspended and the power to manage the company affairs now is vested with the Insolvency Professional.
Since the case has been admitted for insolvency resolution, the NCLT Bench prohibits the institution of suits or proceedings against the corporate debtor including execution of any judgement, decree or order.
The petitioner IFCI moved the Tribunal stating that KSK Energy’s loans were due and that it had defaulted on payments.
The creditor had moved the Debt Recovery Tribunal and there have been moves under the Sarfaesi Act.
Judicial member Ratakonda Murali and Technical Member Narender Kumar Bhola heard the petitioner and the financial creditor and based on the documents of loans in their order admitted the petition to proceed under IBC.
The Adjudicating Authority, while admitting the petition, declared a moratorium as it has been taken up under the Code for resolution.
KSK Energy Ventures is a BSE- and NSE-listed developer of power projects and has been running several projects across different locations.