BGR Energy Systems Ltd

⚖️ BGR Energy Systems Enters Insolvency Process

- BGR Energy Systems Limited has been admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT Amaravati Bench.

- The petition was filed by National Asset Reconstruction Company Limited (NARCL) as the financial creditor, substituting Canara Bank.

- The total default amount is approximately ₹584.67 Crores as of August 31, 2024, with the date of default being June 30, 2022.

- A moratorium has been declared under Section 14 of the Insolvency and Bankruptcy Code (IBC).

- Mr. Dommeti Surya Rama Krishna Saibaba has been appointed as the Interim Resolution Professional (IRP).

- The company plans to appeal the order before the National Company Law Appellate Tribunal (NCLAT).