The division bench of justices BP Mohan and V Nallasenapathy pronounced an oral order on Monday.
A two-judge division bench of the National Company Law Tribunal (NCLT) in Mumbai has ordered the liquidation of readymade garment maker Provogue (India) after lenders did not agree on the offers on the table for the company.
The division bench of justices BP Mohan and V Nallasenapathy pronounced an oral order on Monday. The final written order will be put on the NCLT website in the next few days. The liquidation of the company was a culmination of more than a year of insolvency proceedings in the NCLT after the case was admitted on July 25 2018.
“The only outside offer that was presented was not acceptable to the committee of creditors (CoC). There was one from the promoters as well, which was also rejected and that has meant that the company is now headed for liquidation,” said NishitDhruva, managing partner at MDP & Partners, the firm that represented the CoC.
The CoC was headed by Andhra Bank, which was the lead lender to the company with loans of Rs 81 crore. Other banks in the consortium were Bank of India (BoI), Corporation Bank, Punjab National Bank (PNB), IndusInd Bank and Central Bank of India.
