{"id":262605,"date":"2019-03-06T05:46:42","date_gmt":"2019-03-06T05:46:42","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=262605"},"modified":"2019-03-06T05:46:42","modified_gmt":"2019-03-06T05:46:42","slug":"nclt-notice-to-essar-power-on-lt-arms-plea-at-ahmedabad-bench","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/nclt-notice-to-essar-power-on-lt-arms-plea-at-ahmedabad-bench\/","title":{"rendered":"NCLT notice to Essar Power on L&amp;T arm\u2019s plea at Ahmedabad bench"},"content":{"rendered":"<p>The Ahmedabad bench of National Company Law Tribunal (NCLT) on Tuesday issued a notice to Essar Power after L&amp;T Infrastructure Finance Company approached it to initiate insolvency proceedings against the Essar Group company.<\/p>\n<p>L&amp;T has approached the two-member bench comprising Harihar Prakash Chaturvedi and Manorama Kumari for non-repayment of `45.5 crore in dues. The bench, in its notice asked Essar Power, to present its arguments before L&amp;T\u2019s plea is admitted. The matter will come on board in April this year.<\/p>\n<p>The L&amp;T group company had lent the amount to Essar Power Gujarat, subsidiary of Essar Power. As the subsidiary defaulted on its debt repayment, L&amp;T Infrastructure approached Essar Power for being the guarantor. However, the parent company too failed to repay the dues and L&amp;T decided to file interlocutory application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to start corporate insolvency resolution process against the Essar Group company.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ahmedabad bench of National Company Law Tribunal (NCLT) on Tuesday issued a notice to Essar Power after L&amp;T Infrastructure Finance Company approached it to initiate insolvency proceedings against the Essar Group company. L&amp;T has approached the two-member bench comprising Harihar Prakash Chaturvedi and Manorama Kumari for non-repayment of `45.5 crore in dues. The bench, in its notice asked Essar Power, to present its arguments before L&amp;T\u2019s plea is admitted. The matter will come on board in April this year. The L&amp;T group company had lent the amount to Essar Power Gujarat, subsidiary of Essar Power. As the subsidiary defaulted [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,240,138],"tags":[],"class_list":["post-262605","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/262605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=262605"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/262605\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=262605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=262605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=262605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}