A representational image: MintMumbai: The bankruptcy court has allowed the auction of the properties of Western India Shipyard Ltd, a subsidiary of Gujarat-based ABG Shipyard Ltd, one of the 12 large cases referred by the Reserve Bank of India (RBI) for early bankruptcy proceedings. The Mumbai-bench of the National Company Law Tribunal (NCLT) allowed Western India to auction its assets while disposing of an intervention application of the Mormugao Port Trust (MPT). This ruling will pave the way for ABG Shipyard to divest its subsidiary which would help it cut debt. Email queries to Western India and its parent company ABG Shipyard remained unanswered till the time of going to press. Western India has been suspended from trading on the bourses.

Source: Mint February 07, 2018 15:33 UTC