The National Company Law Appellate Tribunal (Principal Bench, New Delhi) has admitted a Section 9 application filed by Tremco CPG (India) Private Limited against Brite Proofings Private Limited, leading to the initiation of a Corporate Insolvency Resolution Process (CIRP).
The Tribunal held that the Operational Creditor had established the existence of a debt exceeding the statutory threshold and a default, and that the Corporate Debtor’s contentions regarding a pre-existing dispute and procedural defects were untenable.
The application was filed by Tremco CPG (India) Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an alleged operational debt of Rs….