MANAGEMENT TEAM
RBI vide Press Release dated November 29, 2021 in exercise of the powers conferred under Section 45-IE (1) of the RBI Act, 1934 superseded the Board of the Company with immediate effect and appointed Shri Nageswara Rao Y as the Administrator of the Company under Section 45-IE (2) of the RBI Act. Pursuant to order dated December 06, 2021 of NCLT, CIRP has been initiated against the Company as per the provisions of the Insolvency and Bankruptcy Code, 2016 (Code).
The Hon'ble National Company Law Tribunal, Mumbai has pronounced an order on February 27, 2024, approving the resolution plan submitted by IndusInd International Holdings Ltd. with respect to the corporate insolvency resolution process of the Company under section 31 of the IBC (“Approved Resolution Plan”). In terms of the Approved Resolution Plan a Monitoring Committee has been constituted for implementation of Approved Resolution Plan.