New Delhi, The National Company Law Appellate Tribunal (NCLAT) has revived insolvency proceedings against Chintamani’s Jewellery Arcade Pvt Ltd allowing a restoration application filed by Axis Bank, holding that the company had committed a material and continuing breach of court-recorded settlement terms.A three-member NCLAT bench recalled its earlier order passed on May 9, 2024 that set aside the insolvency admission against the company and restored to its original position.
Consequently, the corporate insolvency resolution process (CIRP) against the Mumbai-based jewellery company was revived before the National Company Law Tribunal (NCLT), Mumbai, also stands revived.
“The record clearly establishes that the respondents (Chintamani’s…