Bankruptcy proceedings against India's ABG Shipyard have been approved by the National Company Law Tribunal (NCLT).
A plea filed by creditor ICICI Bank was admitted, the Mint website said.
The NCLT appointed named Sundaresh Bhat of accountants BDO India, as the "interim resolution professional" for ABG.
ICICI said the struggling yard had defaulted on INR 45bn ($706.65m) of loans, which ABG confirmed.
