NCLT admits Axis Bank's insolvency plea against Midas Petrochem
This story was originally published at 18:11 IST on 13 January 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal on Monday admitted a petition by Axis Bank to initiate insolvency proceedings against Midas Petrochem Pvt. Ltd. for an unpaid amount of INR 322.44 million. The tribunal has appointed Shreyansh Jain as the interim resolution professional of Midas Petrochem.
There will be a moratorium under section 14 of the Insolvency & Bankruptcy Code, 2016 against Midas Petrochem, the tribunal said.
Midas Petrochem, a company trading in poly vinyl chloride resins, had availed loans from Axis Bank in order to meet its working capital requirements. Despite repeated requests and reminders, Midas Petrochem failed to repay the outstanding dues, Axis bank said in its petition. The account of Midas Petrochem became a non-performing asset on Jan. 28, 2022, and the bank moved the tribunal to start insolvency proceedings.
On Monday, the shares of Axis Bank ended 0.8% higher at INR 1,049.30 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Saji George Titus
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