L&T Halol Shamlaji Tollway, a special purpose vehicle (SPV) of L&T Infrastructure Development Projects, has informed the National Company Law Tribunal’s (NCLT’s) Chennai Bench that its debt with a consortium of banks has been restructured and is being serviced properly, as against the allegations in an insolvency petition by Oriental Bank of Commerce (OBC).
The NCLT has directed the Bank to submit all the documents related to the matter without fail on March 8, 2019. OBC has earlier moved the NCLT, Chennai, against the SPV under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016, under which financial creditors may file application for initiating Corporate Insolvency Resolution Process against the corporate debtor.
