NCLT Upholds Limitation Based on OTS and Financial Statements, Initiates CIRP In ₹45 Cr Default against Corporate Guarantor [Read Order]
The National Company Law Tribunal (NCLT) Mumbai Bench has commenced the Corporate Insolvency Resolution Process (CIRP) on account of defaulting an amount of ₹45.41 Crores. The Bench comprising Nilesh Sharma (Judicial Member) and Sameer Kakar (Technical Member) held that if the debt is repeatedly acknowledged through One Time Settlement (OTS) schemes and financial statements it…