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NCLT Admits CIRP as OTS Proposal Remained Unimplemented Despite Repeated Extensions
Case Law Details
- Case Name
- Bank of India Limited Vs Distribution Logistics Infrastucture Pvt. Ltd. (NCLT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Bank of India Limited Vs Distribution Logistics Infrastucture Pvt. Ltd. (NCLT Mumbai)
The National Company Law Tribunal (NCLT), Mumbai Bench, dealt with an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by a financial creditor seeking initiation of Corporate Insolvency Resolution Process (CIRP) against a logistics and warehousing company. The application claimed a default amount of Rs. 77.30 crore as on 30.09.2024.
The financial creditor stated that various credit facilities, including term loans, FITL facilities, and cash credit facilities...
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