Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that the company i.e. AVI Polymers Limited had filed an application under section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution process against its corporate debtor Hindustan Cables Limited before the National Company Law Tribunal, Kolkata Bench, Kolkata .
The above application filed by the company was to recover operational debt from Hindustan Cables Limited. The said application was rejected by the National Company Law Tribunal, Kolkata Bench, Kolkata in its hearing held on 15th May, 2018.
Company has received on 15th May, 2018 at 7.00 PM, the copy of order passed by the National Company Law Tribunal, Kolkata Bench, Kolkata rejecting the above application.
Copy of the above order is enclosed herewith for your ready reference.
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