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Nicco Gets Additional 90 Days for Debt Resolution
July 24, 2017
According to Kunal Banerjee, the resolution professional assigned for Nicco Corporation, the company has been given a 90-day lifeline by the National Company Law Tribunal. Thus, Nicco is the first to get an extra time beyond the standard 180-days lifeline that’s given to all the other companies that are debt ridden.
Allahabad Bank, State Bank of India, and Canara Bank were all in the favour of the lifeline extension and the committee of creditors, under SBI’s representation, has asked Nicco to rework its resolution strategy.
