Dues from discoms land Easun Reyrolle in NCLT

Power transmission components manufacturer, Easun Reyrolle, has wound up in the insolvency courts.

Following the expiry of the deadline for submitting bids against a public notice calling for bids, the Resolution Professional, Benegal Parameshwara Udpa, will call for a meeting of the Committee of Creditors to take the issue further.

State Bank of India claims Easun Reyrolle owes it Rs 205 crore; Canara Bank claims another Rs 59.31 crore. While these two banks have proceeded against the company at the National Company Law Tribunal (NCLT), it is understood that a few other banks are owed moneys.

For the year 2018-19, the last year for which full-year financial results have been announced, the company achieved a turnover of Rs 88 crore (consolidated) and a reported a net loss of Rs 10 crore.