NCLT APPROVES BANKRUPTCY PLEA AGAINST ABG

AHMEDABAD: Bankruptcy proceedings against ABG Shipyard Ltd were approved by the Ahmedabad bench of National Company Law Tribunal (NCLT) on Tuesday. The tribunal named Sundaresh Bhat, a partner at accounting firm BDO India, as the interim resolution professional for ABG Shipyard. ICICI Bank approached NCLT last month to initiate bankruptcy proceedings against ABG after it defaulted on ₹4,500 crore of loans.