Default13 May 2026, 03:34 pm
GVK Power Subsidiary Faces Insolvency; NCLT Admits CIRP
AI Summary
The National Company Law Tribunal (NCLT), Hyderabad Bench, has admitted an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) against GVK Coal (Tokisud) Company Private Limited, a subsidiary of GVK Power & Infrastructure Ltd, under the Insolvency and Bankruptcy Code, 2016. The CIRP has commenced, and Mr. Dhaval Jitendrakumar Mistry has been appointed as the Interim Resolution Professional (IRP). The application was filed by IDBI Bank Limited, the Financial Creditor, due to a default of ₹39,66,95,710.46 as of 01.11.2025.
Key Highlights
- NCLT admits CIRP application against GVK Coal (Tokisud) Company Private Limited.
- IDBI Bank filed the application due to a default of ₹39.67 Cr.
- Dhaval Jitendrakumar Mistry appointed as Interim Resolution Professional.
- CIRP commenced as per Insolvency and Bankruptcy Code, 2016.
- GVK Coal (Tokisud) is a subsidiary of GVK Power & Infrastructure Ltd.