The National Company Law Tribunal (NCLT), Chandigarh Bench, has admitted an insolvency petition against Zyngo EV Mobility Private Limited, thereby initiating the Corporate Insolvency Resolution Process (CIRP) for the electric vehicle mobility firm. The order, delivered today, comes in response to an application filed by Shree Shayama Constructions Private Limited, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, citing a default on a payment of Rs 1.62 crore.
The Tribunal has appointed Manoj Kumar Jain as the Interim Resolution Professional (IRP) for Zyngo EV Mobility Private Limited. His responsibilities include taking control of the company’s operations and assets, managing its…