{"id":284491,"date":"2019-07-24T05:34:58","date_gmt":"2019-07-24T05:34:58","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=284491"},"modified":"2019-07-26T05:39:27","modified_gmt":"2019-07-26T05:39:27","slug":"nclt-orders-insolvency-process-against-lt-halol","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/nclt-orders-insolvency-process-against-lt-halol\/","title":{"rendered":"NCLT orders insolvency process against L&amp;T Halol"},"content":{"rendered":"<p>The National Company Law Tribunal (NCLT), Chennai Bench, has ordered initiation of insolvency proceedings against L&amp;T Halol &#8211; Shamlaji Tollway Ltd (L&amp;T Halol) on a petition filed by Oriental Bank of Commerce (OBC), which alleged that the company had defaulted in repayment of \u20b976.68 crore as on December 27, 2018. <\/p>\n<p>L&amp;T Halol was a special purpose vehicle of L&amp;T Infrastructure Development Projects Ltd to augment the 173-km long, two-lane road to a four-lane divided road from Halol to Shamlaji on State Highway 5 in Gujarat on a Build-Operate-Transfer (Toll) basis. <\/p>\n<p>The company said that there was no default in repayment on the debt. Even if there was a default, the bank on its own cannot independently initiate proceedings against the company, said information in the order by BSV Prakash Kumar, member (Judicial), NCLT Chennai Bench.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Company Law Tribunal (NCLT), Chennai Bench, has ordered initiation of insolvency proceedings against L&amp;T Halol &#8211; Shamlaji Tollway Ltd (L&amp;T Halol) on a petition filed by Oriental Bank of Commerce (OBC), which alleged that the company had defaulted in repayment of \u20b976.68 crore as on December 27, 2018. L&amp;T Halol was a special purpose vehicle of L&amp;T Infrastructure Development Projects Ltd to augment the 173-km long, two-lane road to a four-lane divided road from Halol to Shamlaji on State Highway 5 in Gujarat on a Build-Operate-Transfer (Toll) basis. The company said that there was no default in repayment [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130],"tags":[],"class_list":["post-284491","post","type-post","status-publish","format-standard","hentry","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/284491","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\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=284491"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/284491\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=284491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=284491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=284491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}