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Acknowledgments and Part‑Payments Extend Statutory Filing Period: NCLT Initiates CIRP Under Sec. 7 IBC for ₹16.53 Cr Outstanding [Read Order]

In a recent ruling, the National Company Law Tribunal (NCLT), Cuttack Bench, admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by a financial creditor against the corporate debtor for a default of ₹16.53 crore arising from a loan agreement dated 30 September 2020. Financial creditor, In2IT Systems & Services Pvt. Ltd. (formerly Alpha Codes IT Solutions Pvt. Ltd.) filed an application under Section 7 of…

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Liquidator appointed to Scottish film production company

Gordon McIntyre, of Wbg, the liquidator, said Magic Beans Productions provided “strategic and managerial services” to Wild Child Animation, the Scottish company which earlier collapsed into administration and was then sold. Multi-award-winning Wild Child Animation, the Stirling-based studio and contractor, appointed Wbg Gordon McIntyre and Donald McKinnon as joint administrators in February. Director Looks at…