The National Company Law Tribunal (NCLT) Mumbai Bench admitted the petition for Corporate Insolvency Resolution Process (‘CIRP’) on finding that the Corporate Debtor has defaulted in repayment of financial debt over minimum threshold of Rs. 1 crore under section 4 of the Insolvency & Bankruptcy Code 2016 (IBC).
The Applicant- JM Financial Credit Solutions Limited (“Financial Creditor” or “the Petitioner”), on 19.02.2025 against the Respondent- R.M. Bhuther and Company Limited (“Corporate Debtor”), under Section 7 of the Insolvency & Bankruptcy Code 2016 (‘the Code’) r/w Rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, seeking commencement of the Corporate…