As revival plans fail, NCLT orders IVRCL’s liquidation

The Hyderabad Bench of the National Company Law Tribunal (NCLT) has ordered the liquidation of Hyderabad-based construction and infrastructure company IVRCL Ltd.

Based on an application made by lender SBI, Judicial Member K Anantha Padmanabha Swamy, in his order, directed the liquidation of the debt-laden company.

Various efforts made during the Insolvency Resolution Process to find a suitor for the firm had not materialised, leading to the petition for liquidation.

In a regulatory alert to the BSE and NSE, the Resolution Professional (RP) said the NCLT has ordered IVRCL’s liquidation as a going concern.