The National Company Law Tribunal (NCLT) Chennai has dismissed the C. Sivasankaran application and ordered the liquidation of Siva Industries.
NCLT said that Sivasankaran application under section 12 (A) does not stand. NCLT has also dismissed the SBI application.
Siva Industries and Holdings Limited (Siva Industries) will go into liquidation after the NCLT rejected the application.
This is as per provisions of the Insolvency and Bankruptcy Code where 90 per cent of the lenders had not given approval.
Lenders of Siva Industries and Holdings Limited (Siva Industries), founded by C. Sivasankaran (the former promoter of Aircel) had filed application under Section 12A of Insolvency and Bankruptcy Code 2016 (IBC) in National Company Law Tribunal (NCLT), Chennai Bench for withdrawing the insolvency proceedings against Siva Industries.
Siva Industries and Holding owes Lenders approx Rs 5,000 crore.