NCLT has admitted insolvency proceedings against Supreme Engineering Limited on Bank of India’s petition over an alleged ₹117.50 crore default | Representational Image
Mumbai, June 27: The National Company Law Tribunal (NCLT) has admitted a Corporate Insolvency Resolution Process (CIRP) against Navi Mumbai-based Supreme Engineering Limited. The order was passed on a petition filed by Bank of India over an outstanding financial debt of more than Rs 117.50 crore.
“When the financial creditor initiates the insolvency process for the purposes of admission, the Adjudicating Authority is only to ascertain the existence of a default from the records of the information utility or the…