New Delhi: In clear signs of distress for the infra sector in the country, Hyderabad-based IVRCL has been sold out for Rs 1,654.77 crore to Gabs Megacorp.
The infrastructure player has been sold out as a going concern under the new Insolvency and Bankruptcy Code (IBC).
The infra firm was undergoing liquidation as a going concern after an order by Hyderabad bench of National Company Law Tribunal (NCLT).
Country largest bank SBI had filed a petition for insolvency against IVRCL in February 2018. After hearing the case and going through all details, NCLT had ordered the liquidation of IVRCL on 29 July, 2019.
IVRCL owed about Rs 14,000 crore to various banks and financial institutions.
However, on 27 February 2020, IVRCL got a bid from Gabs Megacorp Ltd under e-auction process for sale of the company as going concern at a price of Rs 1654.77 crore. The sale of the company to Gabs Megacorp Ltd would be subject to the decision of the National Company Law Appellate Tribunal.