NCLT Admits Insolvency Plea for Proven Loan Default under Section 7

Kerala State Industrial Development Corpn Ltd Vs KGR Gems And Bullion Private Limited (NCLT Kochi) The Kerala State Industrial Development Corporation Ltd. (KSIDC) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), before the National Company Law Tribunal (NCLT), Kochi Bench, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against KGR Gems and Bullion Pvt. Ltd., a company incorporated on 09.10.2019 to establish a gold refinery and bullion facility in Kerala. The petition sought admission of insolvency proceedings, declaration of moratorium,...