The National Company Law Tribunal (NCLT), New Delhi, admitted the Corporate Insolvency Resolution Process (CIRP) application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, as no illegibilities were restricting the CIRP under Section 11.
M/s Universal Journeys India Private Limited (“Corporate Applicant”) applied under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself as the Corporate Debtor.
The application stated that the company had defaulted on payment of financial and operational debts totaling over Rs. 14.05 crore. The Corporate Applicant is a private limited company incorporated on 23 December 2011, …