LI Network
Published on: October 21, 2023 at 11:21 IST
In a recent development, the Hyderabad bench of the National Company Law Tribunal (NCLT) has taken a significant step by initiating insolvency proceedings against GVK Gautami Power Ltd, as revealed in a regulatory filing.
GVK Power & Infrastructure Ltd (GVKPIL) clarified in the filing that GVK Gautami Power Ltd operates as its step-down subsidiary.
This decision was reached during a hearing held on October 20, where the NCLT, Hyderabad bench, acted on an insolvency petition filed under The Insolvency and Bankruptcy Code, 2016 by the Edelweiss Asset Reconstruction Company (EARC) against GVK Gautami Power Ltd.
Consequently, Anil Kohli has been appointed as the interim resolution professional to oversee the insolvency proceedings.