INSUBCONTINENT EXCLUSIVE:
MUMBAI: The Insolvency and Bankruptcy Code (IBC), considered an exclusive redressal platform for institutional defaults, has yet again come
to the rescue of retail depositors
A National Company Law Tribunal bench has admitted the request for proceedings against Delhi-based HBN Dairies Allied, which failed to
repay about Rupee1,200 crore to more than two lakh depositors.
This is one of the first few cases where depositors have approached the
dedicated bankruptcy court to recover their dues.
A group of 40 investors came together to file an insolvency petition against the
defaulting company, which will now either be revived with a new management or liquidated within the next 270 days to pay off debt
There are other small depositors from states such as Tamil Nadu, Maharasthra, Gujarat, and Andhra Pradesh.
MM Kumar, president, and SK
Mohapatra, technical member at the NCLT principal bench, have admitted the company for insolvency proceedings
Rohit Sehgal will be the interim resolution professional.
HBN Dairies was incorporated in December 1998
only 40 investors were applicants for getting the matter admitted by NCLT, with the CIRP kicking in, now the entire lot of depositors will
auctioning of six properties of HBN Dairies for a reserve price of Rupee154 crore
move would now preempt the proposed auctions.
