EDL: NCLT names resolution professional

With the appointment of the IRP—V Venkata Siva Kumar—the company has entered the long list of firms going through the time-bound resolution process under the Insolvency and Bankruptcy Code.

NEW DELHI: The National Company Law Tribunal (NCLT) on Thursday appointed an interim resolution professional (IRP) for Empee Distilleries Ltd., an Empee Group firm, after its creditors declined to accept a scheme of settlement offered by the company to settle its debt.

With the appointment of the IRP—V Venkata Siva Kumar—the company has entered the long list of firms going through the time-bound resolution process under the Insolvency and Bankruptcy Code. According to the company’s stock exchange filing, the Chennai bench of the NCLT appointed Kumar as the IRP after the scheme of settlement offered by the company did not meet with the approval of Union Bank of India, which is the creditor in this case.

The NCLT noted that while the company had paid `1 crore of the `10.18 crore it had defaulted on, the creditor can proceed against EDL for the remaining amount.