Meenakshi Energy to face insolvency proceedings

Following a petition filed by the State Bank of India, the National Company Law Tribunal, Hyderabad, has directed insolvency proceedings against Meenakshi Energy Ltd.

The Bench of Judicial Member Anantha Padmanabha Swamy and Technical Member Binod Kumar Sinha admitted the Insolvency Petition under the Banking and Insolvency Code, 2016, and appointed Ravi Shankar Devarakonda as the Interim Resolution Professional.

While admitting the petition, the Bench declared a moratorium, which shall be operational from the date of the order till the completion of the corporate insolvency resolution process per the provisions of the Code.