The National Company Law Tribunal (NCLT), Hyderabad has extended the duration of the corporate insolvency resolution process period for IVRCL Ltd by an additional 90 days beyond the original 180 days.
The decision follows a resolution passed in a meeting of the Committee of Creditors (CoC) of the Hyderabad-based construction and infrastructure company. The company’s Insolvency Resolution Professional (IRP) had filed an application with the NCLT on August 21 and the Tribunal allowed the extension of the deadline.
The CoC sought additional time as the resolution applicants are in the process of doing due diligence of the corporate debtor and submitting resolution plans.
In another petition related to the company, the Income-Tax Department has been directed to file its reply.
The petitioner has been directed to issue notice to SBI Hyderabad, ICICI Hyderabad, Tata Steel Ltd (Jharkhand), IOC Odisha, Telugu Ganga Project Hyderabad, Citco Mumbai and RSTHP Chennai, requiring them to appear in person or through professionals and file their replies within one week.
The matter has now been listed for August 29 for further hearing.