ABG Shipyard has confirmed that lenders have filed a petition against the company but the outcome will be disclosed at a later stage.
The Indian shipbuilder issued a clarification following reports that it is about to undergo an insolvency process after admitting it had defaulted on loan repayments.
ABG said in an announcement today: “We wish to clarify that lenders have filed a petition to National Company Law Tribunal (NCLT) under the insolvency and bankruptcy code against the company and a hearing was held on 20 July, in this connection.
