NCLAT Chennai refers Rs 150-cr forfeiture issue in IVRCL to chairperson after split verdict
The Chennai bench of the insolvency appellate tribunal NCLAT on Monday referred to the NCLAT chairperson the forfeiture of Rs 150 crore deposited by Raghava Square to acquire IVRCL Ltd following a split opinion between the two members of the bench.
The Chennai bench of the insolvency appellate tribunal NCLAT on Monday referred to the NCLAT chairperson the forfeiture of Rs 150 crore deposited by Raghava Square to acquire IVRCL Ltd following a split opinion between the two members of the bench.
Raghava Square had submitted a bid amount for acquiring IVRCL Ltd as a going concern in the third e-auction at Rs 1,200 crore. It had deposited only Rs 150 crore.
The NCLAT bench referred the matter following a split verdict between the two-member bench on whether the forfeiture of Rs 150 crore deposited by Raghava Square was justified.
