In a recent case, the National Company Law Tribunal (NCLT) Mumbai Bench initiated the Corporate Insolvency Resolution Process (CIRP) against the corporate applicant on finding a default due payable.
The Company Petition is filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 (“Code”) by Asis Corporate Advisors Limited (“Corporate Applicant/ACAL”), seeking to initiate its own Corporate Insolvency Resolution Process (“CIRP”). The Corporate Applicant is preferring the said application owing to financial stress faced by it, consequent to which it is not in a position to repay the debts due to its creditors.
The Corporate Applicant is a company limited by shares registered under the…