NCLT holds GVK Power and Infra bankrupt, admits insolvency petition by ICICI Bank

The National Company Law Tribunal (NCLT) has declared GVK Power & Infrastructure Ltd. bankrupt and admitted ICICI Bank's insolvency petition against it. This decision allows ICICI Bank to initiate insolvency proceedings against GVK Power for defaulting on a loan of ₹1,394 crore. The NCLT's Mumbai bench found merit in ICICI Bank's claim that GVK Power failed to repay the loan, constituting a default under the Insolvency and Bankruptcy Code. The tribunal appointed an interim resolution professional to manage the company's affairs during the insolvency process.