The National Company Law Tribunal (NCLT), Cuttack Bench, has admitted liquor manufacturer Fortune Spirit Limited into the Corporate Insolvency Resolution Process (CIRP) on a petition filed by IDBI Bank to recover dues of over ₹18.5 crore.
The bench of Member Technical Banwari Lal Meena and Member Judicial Deep Chandra Joshi appointed Mr. Sambhulal Agarwal as the Interim Resolution Professional (IRP) to manage the company’s affairs and oversee the resolution process. A moratorium has been declared with immediate effect, prohibiting any legal action, transfer of assets, or recovery proceedings against the corporate debtor.
The Dispute and the Debt
IDBI Bank had sanctioned a working capital limit of ₹15 crore to…