Insider reports reveal that the company’s Mumbai office has been shuttered since last year, with the bulk of its workforce having departed. In a pivotal ruling, the National Company Law Tribunal (NCLT) Mumbai Bench-VI has placed Planet Marathi Seller Services Private Limited (PMSSPL) into the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016.
The tribunal, after scrutinizing the submitted evidence, ruled that the company had defaulted on its obligations. It promptly enacted a moratorium, halting all ongoing or prospective legal actions and recovery efforts against PMSSPL. Stepping in as the Interim Resolution Professional (IRP) is Rishabh Sethi, who has effectively sidelined the…