Essel Infra Faces Insolvency on JK Bank's Application

17 Sep 2024 CW Team

Essel Infraprojects Limited (EIL), the infrastructure arm of Essel Group, is facing insolvency proceedings initiated by Jammu and Kashmir Bank. The bank filed a petition under the Insolvency and Bankruptcy Code (IBC) to recover unpaid dues from EIL. This development adds to the financial struggles of Essel Group, which has been grappling with significant debt across its businesses.

The insolvency application comes after a prolonged period of defaults by Essel Infra in repaying loans taken for various infrastructure projects. The company has been under financial pressure for several years, primarily due to delays in project execution, non-receipt of expected revenue, and a broader economic slowdown affecting the infrastructure sector. These factors have led to liquidity issues, making it difficult for the company to meet its financial obligations.

The National Company Law Tribunal (NCLT) is expected to hear the matter soon, which could lead to the initiation of a corporate insolvency resolution process (CIRP) if the tribunal finds merit in the bank's petition. If the CIRP process begins, Essel Infra will be required to present a resolution plan to settle its outstanding debts or face liquidation.

The insolvency case is a significant setback for Essel Infra, which was once a key player in India's infrastructure sector, involved in various projects across sectors like roads, urban infrastructure, and renewable energy. The financial woes of the company reflect broader challenges in the Indian infrastructure space, where several firms are dealing with heavy debt burdens.

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