The National Company Law Tribunal (NCLT), Kolkata Bench, has admitted a petition filed by Aditya Birla Capital Limited to initiate insolvency proceedings against Priya Food Products Limited for a default of nearly ₹10 crore.
The bench, comprising Member (Judicial) Shri Labh Singh and Member (Technical) Ms. Rekha Kantilal Shah, allowed the plea under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, paving the way for a Corporate Insolvency Resolution Process (CIRP) against the Kolkata-based food products company.
The financial creditor, originally Aditya Birla Finance Limited, was legally substituted with Aditya Birla Capital Limited in the proceedings following a scheme of amalgamation approved by the…