NCLT orders liquidation of Siva Industries; dismisses C Sivasankaran's application

The National Company Law Tribunal (NCLT) Chennai has dismissed the C. Sivasankaran application and ordered the liquidation of Siva Industries.

NCLT said that Sivasankaran application under section 12 (A) does not stand. NCLT has also dismissed the SBI application.

Siva Industries and Holdings Limited (Siva Industries) will go into liquidation after the NCLT rejected the application.

This is as per provisions of the Insolvency and Bankruptcy Code where 90 per cent of the lenders had not given approval.

FPJ Shorts

Bills For Removal Of PM, CMs, Ministers Will Create 'Police State': AIMIM Chief Asaduddin Owaisi - VIDEO

FPJ Exclusive: BDD Chawl Redevelopment Residents Celebrate New Beginnings In Mumbai With Joy & Gratitude | VIDEO

Pune News: Indapur Set To Get Junction MIDC; Bawankule Directs Proposal On Land Allocation

Mumbai News: GRP Crime Branch Unit 2 Busts Interstate Gang Stealing Mobile Phones On Trains; 30 Devices Worth ₹4 Lakh Recovered

Lenders of Siva Industries and Holdings Limited (Siva Industries), founded by C. Sivasankaran (the former promoter of Aircel) had filed application under Section 12A of Insolvency and Bankruptcy Code 2016 (IBC) in National Company Law Tribunal (NCLT), Chennai Bench for withdrawing the insolvency proceedings against Siva Industries.

Siva Industries and Holding owes Lenders approx Rs 5,000 crore.