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Stock Crash: The shares of GVK Power and Infrastructure Limited (GVK Power and Infrastructure Limited) listed in the stock market are continuously causing losses to its investors. The company's shares have fallen by 50 percent in the last one month. Meanwhile, its price has come down from Rs 11 (July 4) to the current price of Rs 5.47. So it has decreased by 61 percent in the last six months. On Friday, the shares fell by up to 3 percent. Let us tell you that the company is going through the process of bankruptcy.
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GVK Power and Infrastructure Limited (GVKPIL) will face bankruptcy proceedings after it failed to repay loans to creditors. The Hyderabad bench of the National Company Law Tribunal (NCLT) passed the order on a plea by a group of lenders led by ICICI Bank Limited.
GVKPIL recently told the stock market
That the loan was originally taken by GVK Coal Developers (Singapore) Pte Ltd more than a decade ago, for which GVKPIL had taken the guarantee. The NCLT bench passed the order on July 12, which was made public on Monday. ICICI Bank filed an application in 2022. The NCLT has appointed Satish Kumar Gupta as interim resolution professional to manage the company in the order.
As per the order, the corporate debtor admitted its obligations and was to pay US$1.84 billion to the creditors by June 13, 2022. This includes principal of $1.13 billion, interest of $731.5 million and agency fees of $1.44 million.
