GVK Energy admitted to NCLT against IDBI’s Plea

NCLT initiated insolvency proceedings against GVK Energy following IDBI Bank's application for a Rs 1,106 crore debt, stemming from a corporate guarantee for GVK Power (Goindwal Sahib) Ltd. Despite a resolution plan for GVK Power, IDBI Bank recovered only Rs 306 crore, leading them to pursue the balance from GVK Energy.