NCLT accepts Prakash Asphaltings' Rajahmundry Godavari Bridge resolution plan
Prakash Asphaltings & Toll Highways (India) Ltd's resolution plan for Rajahmundry Godavari Bridge Ltd has been accepted (RGBL). The river Godavari bridge links Andhra Pradesh's Rajahmundry and Kovvur.
The Mumbai bench of the NCLT accepted the revival plan after the lenders voted 100% in favour.
The resolution professional got almost Rs 985 crore i.
"It (resolution plan) shall be binding on the corporate debtor, its employees, members, creditors, including the federal government, any state government or any local authority to whom a debt in respect of the payment of dues originating under any legislation for the time being," the August 10 ruling stated. "It takes effect today and is part of this order."
The India's Union Bank
NSE -1.87 % sought the tribunal after defaulting on 184 crore rupees in loans. Vishal Ghisulal Jain was designated interim resolution professional by the tribunal on February 27, 2020. Later, the lenders chose Grant Thornton India's Sanjay Mishra as RP. ..
Advocate Pulkit Sharma and firm Saraf & Partners represented RGBL's resolution professional and told the tribunal they received nine expressions of interest.
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01-2026
