In a first, NCLT admits first pre-pack resolution case

The National Company Law Tribunal (NCLT) has admitted BSE-listed GCCL Infrastructure & Projects for insolvency proceedings, unveiling a new debt-resolution template for smaller businesses that need shorter timelines to extract stuck funds. A pre-packaged process allows creditors, promoters and other shareholders to come together to identify a prospective buyer and negotiate a resolution plan before approaching the NCLT. NCLT has appointed Parag Sheth as the resolution professional. Gujarat-based realtor GCCL Infrastructure & Projects owes INR 54.16 lakh to its creditors. The company had approached the Ahmedabad bench of NCLT under the newly introduced pre-packaged insolvency resolution process.