Application for initiation of CIRP admitted as default established

In re Nac Advertising India Private Limited (NCLT Mumbai) NCLT Mumbai held that application for initiation of Corporate Insolvency Resolution Process [CIRP] admissible since default of debt due and payable is established and default is in excess of minimum amount stipulated under IBC. Thus, CIRP against NAC ADVERTISING INDIA PRIVATE LIMITED ordered. Facts- This Company Petition is filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016 by the Corporate Applicant, seeki...