NCLT Admits CIRP as OTS Proposal Remained Unimplemented Despite Repeated Extensions

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, had been sancti...