Bankruptcy court admits insolvency resolution plea against Helios Photo Voltaic

The principal bench of the National Company Law Tribunal (NCLT) has admitted an application filed by the National Asset Reconstruction Company (NARCL) against Helios Photo Voltaic Ltd, earlier known as Moser Baer Photo.

Originally, public sector lender Oriental Bank of Commerce (now merged with the Punjab National Bank) had approached the tribunal after the company defaulted on its dues of Rs 859 crore. Subsequently, those loans were assigned to the state-sponsored bad bank, NARCL.