NCLT Admits Voluntary Insolvency Plea Because Company Unable to Repay Debt

In re Alcob India Private Limited (NCLT Mumbai) The petition was filed by M/s. Alcob India Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The Corporate Applicant stated that due to financial stress it was unable to repay its debts to creditors. The Corporate Applicant was incorporated on 26.07.2004 with Corporate Identity Number U45200PN2004PTC141210 and has its registe...