NCLT admits petition against KSK Energy Ventures, appoints Insolvency Professional
The National Company Law Tribunal, Hyderabad, has admitted the Insolvency Petition against KSK Energy Ventures Limited and appointed an Insolvency Professional.
IFCI had filed a petition for Corporate Insolvency Resolution Process before the NCLT-Hyderabad under Section 7 of the Insolvency and Bankruptcy Code 2016.
The petition was admitted and KS Ramesh was appointed as Insolvency Professional.
The board has been suspended and the power to manage the company affairs now is vested with the Insolvency Professional.
Since the case has been admitted for insolvency resolution, the NCLT Bench prohibits the institution of suits or proceedings against the corporate debtor including execution of any judgement, decree or order.
