NEW DELHI: The National Company Law Tribunal (NCLT) has ordered the initiation of insolvency resolution against L&T Halol-Shamlaji Tollway, which had loan repayment defaults of close to Rs 77 crore towards the end of December 2018.
The petition to seek action under the Insolvency & Bankruptcy Code was moved by Oriental Bank of Commerce and will come as an embarrassment for L&T, one of the marquee names in the corporate sector. The road project was being developed by L&T Infrastructure Projects Development Company.
