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Bharat Forge, NTPC JV initiates voluntary liquidation process under IBC

Press Trust of India/New Delhi 10 Oct 18 | 04:10 PM

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State-run NTPC Wednesday said its joint venture with Bharat Forge has initiated a voluntary liquidation process under Insolvency and Bankruptcy Code (IBC).

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"BF-NTPC Energy Systems (BF-NTPC), a 49:51 joint venture between NTPC and Bharat Forge, has initiated a voluntary liquidation process under IBC, 2016 in its extraordinary general meeting held on October 9, 2018," an NTPC statement said.

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BF-NTPC was incorporated on June 19, 2008 with an aim of taking up manufacturing of casting, forgings, fittings and high pressure piping required for power and other industries.

As BF-NTPC has not commenced any business yet, both JV partners have decided to close down the company, it added.

Bharat Forge is the majority partner in the JV.

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