NCLT clears insolvency of Nagpur based Gupta Energy

It appears the time is not running good for the Nagpur based companies dealing in coals and steels. Gupta Energy Pvt Ltd, a subsidiary firm of Gupta Corporation Limited owned by Nagpur based famous businessman Padmesh Gupta will soon stand null and void as the Mumbai bench of National Company Law Tribunal has ordered the commencement of corporate insolvency resolution process against the company. The order was passed on March 21, 2017, however, an advertisement demanding proof of claims has been published on April 12, 2017 in a daily published by a renowned group of newspapers.

Meanwhile, according to sources another businessman dealing in steel had declared insolvency in the market. His company’s worth is reportedly Rs 150 crore.

Gupta Energy is registered under Registrar of Companies, Maharashtra having its office of at Corporation House in Ambazari. The tribunal has ordered to complete the insolvency resolution process by September 17, 2017. The financial creditors have been asked to submit their proof of claims through digital mode by April 24, 2017 whereas the company employees or workmen can claim their dues by submitting proofs through post by the same date. The proofs are required to be submitted at the office of Interim Resolution Professional Charudutt Maratha located at Gomed, 915, Khare Town, Dharampeth, Nagpur.