NCLT orders liquidation of Siva Industries
The Hindu
The National Company Law Tribunal (NCLT), Chennai, has rejected a one-time settlement offer made by the erstwhile promoters of Siva Industries and Holdings Ltd. to its lenders, citing that the proposa
The National Company Law Tribunal (NCLT), Chennai, has rejected a one-time settlement offer made by the erstwhile promoters of Siva Industries and Holdings Ltd. to its lenders, citing that the proposal was not in conformity with the provisions of the Insolvency and Bankruptcy Code, 2016. The tribunal also ordered liquidation of the company. In 2019, NCLT had admitted insolvency proceedings against the C. Sivasankaran-promoted company in a case filed by IDBI Bank Ltd.
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