Insolvency petition filed against K P Energy Ltd before NCLT, Ahmedabad

An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('IBC') has been filed by M/s. Shree Arihant Crane Hiring Co., before the National Company Law Tribunal - Ahmedabad Bench ('NCLT, Ahmedabad').

The amount claimed by M/s. Shree Arihant Crane Hiring Co. is Rs. 58,53,509 /- (Rupees FiftyEight Lacs Fifty-Three Thousand Five Hundred Nine only). This claim is related to 50.4MW Mahuva Project.

The demand raised in the impugned application is disputed and premature. The Company is seeking appropriate legal advice and shall take all necessary steps to protect its interest in the aforesaid matter.

Shares of K.P. Energy Ltd was last trading in BSE at Rs.74.9 as compared to the previous close of Rs. 74.2. The total number of shares traded during the day was 5863 in over 97 trades.

The stock hit an intraday high of Rs. 80 and intraday low of 73.35. The net turnover during the day was Rs. 445839.

Source : Equity Bulls

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