GVK Power & Infrastructure Limited has informed the Exchange about General Updates
GVKPIL · price
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GVK Power & Infrastructure Limited has informed the stock exchanges that the National Company Law Tribunal (NCLT), Hyderabad has admitted an insolvency petition filed by IDBI Bank against its wholly owned subsidiary, GVK Energy Limited, under the Insolvency and Bankruptcy Code, 2016. The full judgment order is yet to be received and will be shared with the exchanges once available. Notably, the company itself already appears to be marked as 'Under CIRP' (Corporate Insolvency Resolution Process) in the letterhead, indicating the parent is already undergoing insolvency proceedings.
This is a significant negative development for shareholders, as the insolvency of its key subsidiary could further weaken the already distressed parent company. With both the parent under CIRP and its energy subsidiary now facing insolvency proceedings, recovery for equity shareholders appears increasingly unlikely.