The Insolvency Resolution Professional and its advisors will review the expression of interest received from prospective resolution plans for the debt-strapped infrastructure company IVRCL Ltd.

The IRP will see if these are in conformity with the Provisions of Insolvency and Bankruptcy Code, 2016.

Sutanu Sinha, Insolvency Resolution Professional-appointed by the National Company Law Tribunal in the IVRCL case, as a part of the resolution process, had invited for and received the expression of interest from a few prospective resolution applicants.

The details of these EoIs were presented by the IRP to the Committee of Creditors (CoC) of IVRCL under the Corporate Insolvency Resolution Process during the meeting held on June 5. The CoC has approved the short-listing of EoIs.

The IRP also informed that an application to SEBI was made requesting for extension of time for filing of audited financial results for the quarter and year ended March 31, 2018, that it is appearing challenging.

Results issue

Giving reasons for this, the IRP stated that the company is under the Corporate Insolvency Resolution Process and number of variances are being looked into since the date of commencement of CIRP on February 23, 2018.

“There are mismatches in liabilities, bank interest etc, in comparison to claims submitted by creditors under the CIRP process with regard to books of accounts. Audit of subsidiaries have not been completed and the resolution professional has no control, on that,” the IRP informed.

“We are awaiting SEBI's affirmative response to our request. Hence, we request you not to initiate penal action against the company,” the IRP in a communication conveyed to the BSE.

In an another regulatory filing made with the stock exchange, the IRP informed that the CoC to shortlist the prospective resolution applicants and their EoIs, and they had approved with requisite majority.

Published on June 8, 2018