NCLT admits Canara Bank’s insolvency petition against KTPL, initiating CIRP over a reported ₹330.40 crore loan default | Representative Image
Mumbai, Nov 19: The National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by Canara Bank against Karanja Terminal & Logistics Private Limited (KTPL), thereby commencing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The tribunal has thus appointed Vijay Pitambar Lulla, an Insolvency Professional, in the case.
Tribunal Confirms Default Above Statutory Threshold
The commission, in its order, held, “In view of the foregoing findings, analysis and discussions,…