National Company Law Tribunal’s Mumbai Bench has pronounced Order regarding admission of application for initiation of Corporate Insolvency Resolution Process in respect of National Steel and Agro Industries Limited. NCLT admitted a petition and initiation of CIRP is ordered against National Steel & Agro Industries Ltd. The Bench has appointed Mr Dushyant C Dave as the Interim Resolution Professional to carry out the functions as mentioned under the Insolvency & Bankruptcy Code 2016. The JM Financial Asset Reconstruction Company shall deposit an amount of INR 5 Lakhs towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. The supply of essential goods or services to NSAIL shall not be terminated or suspended or interrupted during moratorium period.The petition was originally filed by Bank of India seeking to initiate Corporate Insolvency Resolution Process against National Steel & Agro Industries Ltd, the Corporate Debtor for non-payment of outstanding dues by the CD. Pending the said Company Petition against the NSAIL, Bank of India entered into an assignment agreement in September 2021 with JM Financial Asset Reconstruction Company Ltd. By virtue of the said Assignment Agreement, this Tribunal permitted substitution of JM Financial Asset Reconstruction Company Limited in place of Original Lender Bank of India whereby all the rights and title of its financial assets including the financial debt owed by the NSAIL were assigned to the JM Financial Asset Reconstruction CompanyNational Steel and Agro Industries Ltd manufactures and exports steel at Indore in central India. NSAIL is primarily known for its flat steel products ie Cold Rolled Coil, Galvanised Corrugated Sheets, Colour Coil & Pre-painted Profile sheets, etc. It’s capacity is estimated asCR 340 KTHDG 220 KTGL 140 KT
National Company Law Tribunal’s Mumbai Bench has pronounced Order regarding admission of application for initiation of Corporate Insolvency Resolution Process in respect of National Steel and Agro Industries Limited. NCLT admitted a petition and initiation of CIRP is ordered against National Steel & Agro Industries Ltd. The Bench has appointed Mr Dushyant C Dave as the Interim Resolution Professional to carry out the functions as mentioned under the Insolvency & Bankruptcy Code 2016. The JM Financial Asset Reconstruction Company shall deposit an amount of INR 5 Lakhs towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. The supply of essential goods or services to NSAIL shall not be terminated or suspended or interrupted during moratorium period.The petition was originally filed by Bank of India seeking to initiate Corporate Insolvency Resolution Process against National Steel & Agro Industries Ltd, the Corporate Debtor for non-payment of outstanding dues by the CD. Pending the said Company Petition against the NSAIL, Bank of India entered into an assignment agreement in September 2021 with JM Financial Asset Reconstruction Company Ltd. By virtue of the said Assignment Agreement, this Tribunal permitted substitution of JM Financial Asset Reconstruction Company Limited in place of Original Lender Bank of India whereby all the rights and title of its financial assets including the financial debt owed by the NSAIL were assigned to the JM Financial Asset Reconstruction CompanyNational Steel and Agro Industries Ltd manufactures and exports steel at Indore in central India. NSAIL is primarily known for its flat steel products ie Cold Rolled Coil, Galvanised Corrugated Sheets, Colour Coil & Pre-painted Profile sheets, etc. It’s capacity is estimated asCR 340 KTHDG 220 KTGL 140 KT
