NCLT Kolkata admits 104-year-old PSU into insolvency process: Report [Video]

The National Company Law Tribunal (NCLT) at Kolkata on Tuesday, February 20, allowed insolvency proceedings against a 104-year-old company for failure to clear dues of over Rs 4 crore, according to a report on barandbench.com. The case involves the Ahmedabad-based private construction firm Chevrox Construction Pvt. Ltd against state-owned Bridge and Roof Co (India) Ltd.

Bridge and Roof is a public sector enterprise (PSU) under the Union Ministry of Petroleum and Natural Gas and comes under the administrative control of the Ministry of Heavy Industries.

Chevrox Constructions approached the Kolkata bench of the tribunal seeking to start the corporate insolvency resolution process (CIRP) against the PSU for an alleged default in payment of ₹4,47,90,393, the report added.

Judicial member Rohit Kapoor and technical member Balraj Joshi admitted the company into insolvency, observing that there is a clear debt and default in repayment of debt. It appointed Subodh Kumar Agrawal as the interim resolution professional …