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Economic Times (India) 12/06/2019 23:23
MUMBAI: The National Company Law Tribunal (NCLT) has admitted Bank of India’s insolvency plea against realty developer RNA Corp. The bank had filed the petition under Section 7 of the Insolvency and Bankruptcy (I&B) Code, 2016, seeking the resolution process on the ground that the developer has defaulted on repayments of term loan.The public sector lender had granted a loan of Rs 75 crore to RNA Corp in October 2013 and the builder defaulted on repayment of this loan in December 2014, since then the account has been classified as a non-performing asset, the petition said.

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