The interim resolution professional (IRP) for IVRCL on Tuesday invited expression of interest (EoIs) for the company from interested bidders under the corporate insolvency resolution process (CIRP). This is the second time EoIs have been invited for the company.
Banks and other financial creditors have claimed Rs 7,016 crore in dues from the company, which is known to be one of the 29 accounts named by the RBI in its second list of accounts referred for resolution under the Insolvency and Bankruptcy Code.
On Friday, the company’s committee of creditors (CoC) allowed the IRP to invite fresh EoIs and submit a resolution plan from interested resolution applicants for the second time. IVRCL had earlier said that there is a mismatch of the company’s accounts when compared with the claims made by its creditors. “There are mismatches in liabilities, bank interest, etc, in comparison to claims submitted by creditors under ClRP process vis-a-vis books of accounts. Audit of subsidiaries have not been completed and Resolution Professional has no control on that,” IVRCL had said in a regulatory filing.
In February, the Hyderabad bench of the National Company Law Tribunal had admitted a petition filed by SBI to initiate insolvency proceedings against IVRCL. The tribunal had appointed Sutanu Sinha as IRP.
