The National Company Law Tribunal (NCLT), Chennai Bench, has initiated insolvency process against L&T Halol – Shamlaji Tollway Ltd (L&T Halol) on a petition filed by Oriental Bank of Commerce. The bank alleged that the company had defaulted in repayment of ₹76.68 crore as on December 2018.
L&T Halol, a special purpose vehicle (SPV) of L&T Infrastructure Development Projects Ltd, however, denied the allegation. Even if there was a default, the bank on its own cannot initiate proceedings against the company, said information in the order by BSV Prakash Kumar, member (Judicial), NCLT Chemnai Bench.
