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of <h1>Financial Institution Seeks Bankruptcy Proceedings Against Engineering Company for Massive Rs 510 Crore Default Amid Regulatory Challenges</h1> A financial institution filed a bankruptcy application against an engineering company before the National Company Law Tribunal for a default amount of approximately Rs 510 crore. The company's promoters were previously barred from securities markets by a regulatory body due to alleged fund diversion, fraudulent practices, and governance lapses. The company is currently challenging the regulatory order and seeking an opportunity to respond.
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