NCLT’s rejects CIRP application due to lack of debt proof and default evidence

Mittal Polymers Vs Suvarna Additives Private Limited (NCLT Mumbai) NCLT rejects application for initiating CIRP in respect of Suvarna Additives Private Limited and held that CIRP not to be allowed in a case which lacks any proof of debt and default committed by the Corporate Debtor. In a significant legal development, the National Company Law Tribunal (NCLT), Mumbai, rejected an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mittal Polymers against Suvarna Additives Private Limited. The case revolved around allegations of unpaid dues and default by the c...