Galada Power and Telecommunication Limited announced that the Hon'ble National Company Law Tribunal, Hyderabad Bench (NCLT) vide C.P (IB) No. 384/7/HDB/2018 dated 14th August, 2019 (received on 26th August, 2019) has admitted the petition filed by Stressed Assets Stabilization Fund, for M/s Galada Power and Telecommunication Limited ("Corporate Debtor") for initiation of Corporate Insolvency Resolution Process ("CIRP"). The Corporate Debtor has defaulted in payment of the loans to various lenders.

As per the Statement of claims by Financial Creditors, total amount claimed is INR 21,550,212,520; total amount admitted is INR 21,072,796,359 and total amount rejected is INR 477,416,161.