NCLT RECALLS THE INITIATION OF INSOLVENCY PROCEEDING ON VA TECH WABAG

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by Shrutee K/DNS

Mumbai Oct 13, 2017:VA TECH WABAG LIMITED (Company) today announced the National Company Law Tribunal (NCLT) Division Bench, Chennai has recalled their earlier Order of initiation of Corporate Insolvency Resolution Process (CIRP) as per IBC, 2016.

At the hearing of VA Tech WABAG Limited, Consolidated Construction Consortium Limited (CCCL) and Interim Resolution Professional (IRP), held today, NCLT recalled their orders dated 14.09.2017 and 06.10.2017with immediate effect and the petition filed by CCCL was dismissed as withdrawn, pursuant to an agreement between the parties and the submissions made by IRP.

Consequent to this Order, the IRP is relieved of his assignment and the powers and management of the Company is restored to its Board of Directors with immediate effect.

VA TECH WABAG is a leading Indian Multinational in the Water Sector operating in more than 20 countries.  The Company has been consistently bagging top awards in various world renowned forums and is recognized as a leading global player in the water sector.

About WABAG: Around the world, the WABAG name stands for innovative and successful solutions in the water engineering sector. As an internationally respected expert group, we act as a systems specialist and full service provider with a focus on the planning, installation and operation of drinking and wastewater plants for local government and industry in the growth markets of Asia, North Africa, Middle East, the Central and Eastern Europe states. The WABAG Group represents a leading multinational player with a workforce of over 1,600 and has companies and offices in more than 20 countries. It disposes over unique technological know-how, based on innovative, patented technologies and long-term experience. Since 1995, WABAG has completed over 900 water and wastewater plants worldwide. Through the conservation and ecological use of the world's most valuable resource, WABAG has made a sustained contribution to an improvement in the quality of life of well over a hundred million people. WABAG is thus one of the world's leading partners for investments in a future that is worth living.

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