Bil Energy Systems admitted under corporate insolvency resolution process

Bil Energy Systems Limited has been admitted under the corporate insolvency resolution process by the Bankruptcy court.

The Mumbai bench of National Company Law Tribunal (NCLT) has allowed the State Bank of India’s (SBI) 2019 petition to initiate the insolvency proceedings following default on dues of over Rs 1.67 billion by Bil Energy. Reportedly, the said default had occurred in 2014 and the company has challenged the SBI plea stating that the bank ought to have filed the application within three years of the date of default.