Insolvency Proceedings Triggered as Corporate Debtor Admits Financial Default & Files Section 10 Application

Basandrai Bottlers Private Limited Vs Through Authorised Signatory (NCLT Chandigarh) The National Company Law Tribunal (NCLT), Chandigarh Bench, admitted a petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against a corporate debtor engaged in the brewery and Indian Made Foreign Liquor (IMFL) business. The petition was filed by the corporate debtor through its authorised signatory on account of an admitted financial default amounting to ₹1,80,31,404. The corporate debtor is a private limited co...