The court decision may be appealed in seven days.
Romania’s government decided to request the start of insolvency proceedings at debt-mired Oltchim, after it failed to privatize the company in October last year.
Last week, Oltchim’s managing board voted for the company to file for insolvency to undergo reorganization.
According to the country’s latest letter of intent to a loan agreement with the IMF, the legal administrator of Oltchim will present in mid-April a report on the situation at the company and the steps to be taken to restructure it.
Prime Minister Victor Ponta said Monday, after talks with the IMF, Romania wants to resume procedures to privatize Oltchim and will look for a strategic investor.
The company is controlled by the Economy Ministry with a 54.8% stake.
Oltchim shares are currently suspended from trading on the Bucharest stock market. Before suspension, Oltchim traded up 2.5%, at RON0.307 a share. (EUR1=RON4.3825)