The National Company Law Tribunal (NCLT), Chennai, has ordered liquidation of Easun Reyrolle which is engaged in the business of providing power management products, systems and services, after no successful resolution plan was received by the lenders.
In 2020, NCLT admitted the insolvency proceedings against the Chennai-based company in pleas filed by the State Bank of India and Canara Bank, which together claimed over ₹230 crore in dues along with interest and other charges. During that time, Easun Reyrolle noted that discoms owed the company about ₹103 crore.
The period for the insolvency process was extended due to the impact of COVID-19.
As per the legal filings before NCLT, the committee of lenders have rejected a resolution bid by M/s Syed Fahad and M/s Greenergy Wind Corporation Limited and passed a resolution for liquidation of Easun Reyrolle.
They also resolved to appoint Mahalingam Suresh Kumar as liquidator, which was approved by NCLT.
