The liquidation process of ABG Shipyard has begun under Insolvency and Bankruptcy Code. The National Company Law Tribunal, Ahmedabad Bench has ordered the commencement of liquidation of ABG Shipyard Ltd on April 25, according to a notice advertisement. This offer was rejected by the creditors, who had set the liquidation value of the shipyard at Rs 2,200 crore. ICICI Bank is the lead creditor of the consortium of lenders that initiated the insolvency proceedings against ABG Shipyard. ABG Shipyard is one of the three approved private shipyards in India to build ships for the Indian Navy and Coast Guard.

Source: dna May 06, 2019 23:48 UTC