The National Company Law Tribunal ( NCLT ) has ordered the liquidation of Pune-based steel products maker Innoventive Industries , dismissing opposition to the closure by the promoter and employees.In a verbal order issued by the Mumbai NCLT Thursday, judicial member of the tribunal BSV Prakash Kumar said all other petitions except the one by the resolution professional have been dismissed. The company had total outstanding loans of Rs 1,350 crore at the end of September. Earlier this year, Innoventive’s challenge of the NCLT order was dismissed by the Supreme Court.This liquidation order now means that the assets of the company will be stripped off and sold piece by piece. The liquidation value of the company is about Rs 132 crore. "MSMEs like us who want to get big orders do not have the authority to do so and this has dealt a heavy blow to us."

Source: Economic Times November 24, 2017 04:41 UTC