The very first case admitted by National Company Law Tribunal’s Delhi principal bench under Insolvency and Bankruptcy Code was against printing services firm Rave Scan, and two years hence there is no resolution in sight and principal bench reserved the order earlier in August earlier this year.
A committee of creditors approved a resolution plan with over three-fourths majority.
The company defaulted on about Rs 120 crore to a group of lenders led by Indian Overseas Bank. Bank of Baroda, Punjab National Bank, Hero Fincorp, Tata Capital are some of the other lenders. The bankruptcy court admitted the petition on January 25 in 2017 and Ritu Rastogi was appointed resolution professional.
New Delhi-based Rave Scans Private Limited was founded in 2002. Rahul Jain, a business owner from Faridabad, bid for the assets. An application with 78% of voting in favour resolution plan was filed before the NCLT earlier in March.