NCLT Admits CIRP as Operational Debt, Default & Acknowledgment of Liability Established

Valufocus Eco- Revive Packaging Vs Devkiran Paper Mills Private Limited (NCLT Bengaluru) The National Company Law Tribunal (NCLT), Bengaluru Bench, admitted a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for default in payment of operational debt amounting to ₹1,96,42,797.44. The Operational Creditor, a partnership firm engaged in the business of trading wastepaper, supplied wastepaper to the Corporate Debtor, a manufacturer of finished kraft paper, between 05.1...