Debt

Debt financing

NCLT admits IDBI Bank's plea against Osian's Connoisseurs

Economic Times  

Neville Tuli-owned arthouse Osian's Connoisseurs of Art has been placed under bankruptcy proceedings. The Mumbai bench of the National Company Law Tribunal (NCLT) admitted a plea by state-run lender IDBI Bank to put the company under the Corporate Insolvency Resolution Process (CIRP) after it defaulted on dues worth around INR 125 crore. Further, the NCLT has appointed Girish Sriram Juneja as interim resolution professional (IRP) to oversee its day-to-day affairs and revival plans.