NCLT RECALLS THE INITIATION OF INSOLVENCY PROCEEDING ON VA TECH WABAG
Mumbai, Oct 13, 2017:VA TECH WABAG LIMITED (Company) today announced the National Company Law Tribunal (NCLT) Division Bench, Chennai has recalled their earlier Order of initiation of Corporate Insolvency Resolution Process (CIRP) as per IBC, 2016.
At the hearing of VA Tech WABAG Limited, Consolidated Construction Consortium Limited (CCCL) and Interim Resolution Professional (IRP), held today, NCLT recalled their orders dated 14.09.2017 and 06.10.2017with immediate effect and the petition filed by CCCL was dismissed as withdrawn, pursuant to an agreement between the parties and the submissions made by IRP.
Consequent to this Order, the IRP is relieved of his assignment and the powers and management of the Company is restored to its Board of Directors with immediate effect.
VA TECH WABAG is a leading Indian Multinational in the Water Sector operating in more than 20 countries. The Company has been consistently bagging top awards in various world renowned forums and is recognized as a leading global player in the water sector.
