NCLT admits insolvency petition against BGR Energy; CIRP initiated
BGRENERGY · price
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On the reaction day the stock moved 4.9 pts less than Nifty Microcap 250, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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NCLT Amaravati Bench has admitted the Section 7 insolvency petition filed by NARCL (which replaced Canara Bank as financial creditor) against BGR Energy Systems, initiating the Corporate Insolvency Resolution Process (CIRP). The total default is approximately Rs. 584.67 crore as of 31 Aug 2024, with default date of 30 Jun 2022. A moratorium under Section 14 of IBC is in effect, and Mr. Dommeti Surya Rama Krishna Saibaba has been appointed as Interim Resolution Professional. The company plans to appeal to NCLAT.
Very negative — insolvency proceedings begin, moratorium halts debt recovery actions, shares may face sharp decline, and equity holders risk dilution or wipeout.