The National Company Law Tribunal (NCLT) has allowed insolvency proceedings against debt-ridden Essar Power Jharkhand Ltd. (EPJL).
The decision has come on a plea filed by the company’s lender ICICI Bank.
The principal bench of NCLT has appointed an interim resolution professional (IRP) to manage the affairs of the company, according to an order.
Under the Insolvency and Bankruptcy Code (IBC), the tribunal has also imposed various restrictions on EPJL, including ban on transfer, alienate or dispose of the property.