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The National Company Law Tribunal (NCLT) has admitted Mumbai-based Topworth Urja & Metals under the Corporate Insolvency Resolution Process (CIRP) and appointed Alok Kailash Saksena as an interim resolution professional for the company.
State-owned lender
had approached the bankruptcy court in 2018 against Abhay Lodha- promoted Topworth Urja & Metals after it defaulted on its dues of about ₹ 218 crore.
“The application made by the financial creditor is complete in all respects as required by law. It clearly shows that the corporate debtor is in default of a debt due and payable, and the default is in excess of the minimum amount stipulated under the IBC (Insolvency and Bankruptcy Code),” a bench of justices PN Deshmukh and Shyam Babu Gautam said in its 23-page order.
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