The National Company Law Tribunal (NCLT), Mumbai Bench, has admitted a corporate insolvency resolution process (CIRP) petition filed by Indiacrete Ready Mix Pvt. Ltd. against Theme Developers Pvt. Ltd. under provisions of the Insolvency and Bankruptcy Code (IBC), initiating formal insolvency proceedings against the real estate company.
According to the tribunal order, the petition filed by the operational creditor was admitted under Section 9 of the IBC after the bench was satisfied regarding the existence of operational debt and…