NCLT orders liquidation proceedings against Nicco Corp

On Tuesday, a division bench of the tribunal comprising Justices Vijai Pratap Singh and Jinan KR ordered liquidation proceedings for the cable manufacturer.

By: ENS Economic Bureau | Kolkata | Published: October 18, 2017 2:20 am
National Company Law Tribunal, Nicco Corp, NCLT, Rajive Kaul, Nicco Corporation, Kunal Banerjee, business news, indian express According to sources, Kunal Banerjee proposed to start liquidation process as the committee rejected resolution plans prepared by the Kolkata-based firm.

The Kolkata bench of the National Company Law Tribunal (NCLT) on Tuesday ordered liquidation proceedings against Nicco Corporation after its lenders voted against the corporate resolution plans prepared by the company.

According to sources, Kunal Banerjee, who had been appointed the resolution professional to work with the committee of creditors to come up with a corporate resolution plan for the revival of the company, proposed to start liquidation process as the committee rejected resolution plans prepared by the Kolkata-based firm.

On Tuesday, a division bench of the tribunal comprising Justices Vijai Pratap Singh and Jinan KR ordered liquidation proceedings for the cable manufacturer, the flagship company of the Nicco Group, under Section 14 of the Insolvency and Bankruptcy Code (IBC). FE

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