NIE: Telangana HC asks Anrak how it’ll run without any funds

20 February 2019: A division bench of Telangana High Court on Tuesday questioned Anrak Aluminium Limited as to how it would operate in the event of cancellation of agreement by the government for supply of raw material and no scope to get raw material from Odisha state.

The bench was dealing with an appeal by RBI against the order of a single judge who directed SBI to withdraw the petition filed under the Insolvency and Bankruptcy Code. Anrak had established an aluminium refinery unit with an investment of Rs 6,000 crore in Andhra Pradesh. However, it has failed to commence its operations and faced pressure from banks for repayment of loans.

A consortium of banks agreed to a one-time settlement proposal. In the meantime, SBI moved the tribunal. Aggrieved with the same, Anrak moved the HC.

The New Indian Express reported

Categories: General News, India Bankruptcy

Tags: , , , , ,

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: