The Mumbai Bench of the National Company Law Tribunal (NCLT) admitted a Section 10 application filed by NAC Advertising India Private Limited and initiated the Corporate Insolvency Resolution Process (CIRP) against it, after finding that the company’s financial default was clearly established and above the threshold under Section 4(1) of the Insolvency and Bankruptcy Code, 2016.
NAC Advertising India Private Limited, the corporate applicant, filed the petition under Section 10 of the Code read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate CIRP due to its inability to repay dues owed to financial creditors, operational creditors, and government…