NCLT Admits IBC Section 9 Petition as Corporate Debtor Admitted Debt & Default

Highway Star Rest And Recreation Pvt. Ltd. Vs Maiyas Restaurants Private Limited (NCLT Bengaluru) The National Company Law Tribunal (NCLT), Bengaluru Bench, admitted a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by an operational creditor seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor for default in payment of an operational debt of ₹2,49,57,627, comprising principal and interest. The operational creditor stated that the parties had entered into a revenue-sharing arrangement under which the corporate ...