Allowing the plea of a consortium of lenders led by State Bank of India, the National Company Law Tribunal on Monday appointed an interim resolution professional to initiate bankruptcy proceedings against Monnet Ispat & Energy Ltd.
The Mumbai bench of NCLT appointed Sumit Binani as an IRP ā supported by Grant Thornton Advisory ā for carrying out the Corporate Insolvency Resolution Process, Monnet Ispat said in a filing to the BSE. The powers of the board have been suspended and shall be exercised by the IRP, the filing said.
The company said it received a copy of the order on Monday.
NCLT's order follows a petition filed by lenders against Monnet Ispat under the Insolvency and Bankruptcy Code, 2016.
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