NCLT orders liquidation of two Rotomac companies

ALLAHABAD: The National Company Law Tribunal (NCLT) on Wednesday ordered the liquidation of two Rotomac group companies - Rotomac Global and Rotomac Exports - owned by Kanpur-based Vikram Kothari.
It is alleged that both the companies owe nearly Rs 4,000 crore to banks.
The NCLT passed the order after the 180-day limit for payment of dues ended on March 19, 2018.The creditors' committee refused to extend the deadline.
Hearing the application filed by Bank of Baroda, the NCLT's Allahabad chapter further directed the resolution professionals to submit the closure report within a month.
The NCLT appointed Anil Goyal as the liquidator in the matter to facilitate auction of assets of the two companies.