NCLT Mumbai admits Section 7 petition by Prudent ARC Limited against RBEP Entertainment, emphasizing that default, not inability to pay, governs initiation of insolvency proceedings under the IBC.
Tribunal rules that default occurred before the Section 10A suspension period; admits insolvency petition filed by Omkara ARC against debtor despite Covid-related objections.
NCLT Ahmedabad initiated CIRP against Synergy Food and Agro Processors Pvt. Ltd. after finding a default of over Rs. 1 crore on undisputed operational debt. An IRP was appointed and moratorium imposed under IBC Sections 9 and 14.
Tribunal admits CIRP against Bafna Motors Pvt. Ltd., ruling that post-10A period defaults exceeding the statutory threshold merit insolvency proceedings, with final claim verification to be done by IRP.
Primary Description: The NCLT, Indore, has ordered the liquidation of M/s SPG Macrocosm Limited following a unanimous CoC vote. The decision in Manish Shah Vs SPG Macrocosm Ltd cites no assets or business operations, fulfilling the mandate of IBC Section 33(2).
NCLT admitted a Section 7 IBC petition by 125 investors after finding default on assured returns under an illegal investment scheme, declaring moratorium and appointing an IRP.
NCLT Chandigarh held that application under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process [CIRP] against Falcon Auto Engineering Pvt. Ltd. [Corporate Debtor] admitted as operational debt and default established.
NCLT Indore held that application under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Professional [CIRP] against OSSL Agri Logistics Private Limited [Corporate Debtor] admitted as no pre-existing dispute exists.
NCLT Kochi held that application under section 7 for initiation of Corporate Insolvency Resolution Process [CIRP] against M/s. Inditrade Business Consultants Limited is admitted since financial debt and occurrence of default established.
NCLT Ahmedabad held that application under section 7 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process [CIRP] against Sumarrow Impex LLP (Corporate Debtor) admitted as financial debt and default stands proved.
