In re Comp-Print Kalpana Private Limited (NCLT Mumbai)
The National Company Law Tribunal (NCLT), Mumbai Bench, admitted the application filed by Comp-Print Kalpana Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of its own Corporate Insolvency Resolution Process (CIRP). The company, incorporated on 20 October 1984 under the Companies Act, 1956, with its registered office in Pune, engaged in printing and related activities, including typesetting, offset and screen printing, processing, and bookbinding. The company stated that changing market conditions had rendered its business operations unviable.
The corporate applicant’s total outstanding debt amounted to ₹5.37 crore, consisting of secured and unsecured financial creditors as well as operational creditors. Due to adverse economic circumstances, the company defaulted in repayment of dues. The board of directors, by resolution dated 14 October 2023, approved the filing of an insolvency application, which was further endorsed by shareholders in a special resolution at an Extraordinary General Meeting on 21 October 2023. The petition included audited financial statements for FYs 2020–21, 2021–22, and 2022–23.
On 31 July 2024, the Tribunal directed the company to submit the audited financial statement for FY 2023–24, provide details of proceedings under the SARFAESI Act, and serve notice to all creditors. Compliance was confirmed through affidavits filed in November 2024, which showed that creditors had been notified. Except for M/s Y.L. Thatte & Co., which claimed ₹16.96 lakh, no creditor raised objections. The Tribunal observed that the creditor was free to file its claim with the Resolution Professional once appointed.
