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Mumbai: The country’s first bankruptcy case against Innoventive Industries Ltd was admitted in the National Company Law Tribunal (NCLT) on Tuesday, two people aware of the development said.

The court observed that the company cannot seek protection under the Maharashtra Industrial Development Act as the insolvency regulation is a special Act, said one of the two people. Both spoke on condition of anonymity.

ALSO READ: NCLT may take seven years to clear 25,000 pending cases: Report

ICICI Bank Ltd had filed an application against the Pune-based steel products maker in NCLT last month. This is the first case in India filed under the Insolvency and Bankruptcy Code, 2016, and it will provide a primer on how the new law will help tackle the banking system’s nearly Rs6.7 trillion of bad loans.

ABOUT THE AUTHOR

Gopika Gopakumar

Gopika Gopakumar has worked for over 15 years as a banking journalist across print and television media. Her expertise lies in breaking big corporate stories and producing news based TV shows. She was part of the 2013 IMF Journalism Fellowship Program where she covered the Annual & Spring meetings of the International Monetary Fund in Washington D.C. She started her career with CNBC-TV18, where she also produced a news feature show called Indianomics and an award winning show on business stories from South India called Up South. She joined Mint in 2016.
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