Container Corporation IRP Seeks Claim Details From Creditors

Container Corporation of India Ltd.’s (ConCor) interim resolution professional (IRP) is seeking claim details from the company’s creditors.

The creditors must submit their claims with proof by 26 July, the state-run logistics firm’s IRP Vivek Sharma said in a public announcement. The e-mail to be used for correspondence with the IRP is cirp.concor@gmail.com, he added.

The National Company Law Tribunal (NCLT) admitted ConCor for insolvency resolution on 12 July and appointed Sharma as the Navratna company’s IRP.

The development came after the government-owned ConCor’s operational creditor Roadwings International Private Ltd. filed a petition before the NCLT under Section 9 of the Insolvency and Bankruptcy Code (IBC). Roadwings sought initiation of corporate insolvency resolution process (CIRP) against the company for defaulting on a payment of 87.50 crore rupees ($10.66 million).

The dispute is related to the payment of an arbitration award, which has been challenged by ConCor.

The company’s CIRP is likely to be completed by 8 January 2024, according to the public announcement.

Meanwhile, ConCor has filed an appeal against the NCLT order before the National Company Law Appellate Tribunal (NCLAT) and the appellate tribunal will hear the matter today (14 July).

(Note: $1 = 82.0594 Indian rupees)

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