Gtl Infrastructure has informed that the Hon'ble National Company Law Tribunal, Mumbai Bench (Tribunal) vide its order dated November 18, 2022 (which was uploaded on its website on November 23, 2022) has dismissed petition filed by Canara Bank for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Hon'ble Tribunal held that the business of the Company is sustainable, it is a viable going concern under its current management and the overall financial health of the Company is not bad enough to be admitted under CIRP. Thus, in view of aforementioned, the petition is dismissed. Accordingly, based on findings in the order of the Hon'ble Tribunal, the Company will continue to pursue resolution with its lenders, which it believes will be in the best interest of all the stakeholders of the Company.
The above information is a part of company’s filings submitted to BSE.
