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.
