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GVK Industries has told NCLT that the insolvency petition filed by Jammu & Kashmir Bank did not have the consent of the other lenders.
According to court filing seen by Business Line, the Hyderabad-based company has said that according to the inter-creditor agreement, at least 66.7 per cent of the lenders should give consent for action on default.
Jammu and Kashmir Bank had initiated Corporate Insolvency Resolution Process against GVK Industries for failing to clear dues.
Following this, the National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Bhaskara Pantula Mohan (Judicial Member) and Veera Brahma Rao has admitted the insolvency proceedings petition filed by J&K Bank. The NCLT has also appointed a resolution professional to over see the debt resolution process.
“The appointed Insolvency Resolution Professional (IRP) will be initiating the process as stipulated under the Insolvency and Bankruptcy Code (IBC). Upon such appointment, the IRP will take charge of GVK Industries (company) in terms of the IBC,” GVK Power and Infrastructure said in a stock exchange filing on April 22.
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