The National Company Law Tribunal (NCLT), Mumbai Bench, has admitted a Section 9 application filed by an Operational Creditor, thereby initiating the Corporate Insolvency Resolution Process (CIRP) against Tirumalla Agro Industries Private Limited for a default of over ₹1.11 Crore.
Aryatech Platforms Private Limited, the Operational Creditor (OC), filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’), seeking initiation of the CIRP against the Corporate Debtor (CD), Tirumalla Agro Industries Private Limited. The factual background revealed that the OC provided a marketplace platform and procurement facilities to the CD under a Short-Term Procurement Facility Agreement. The CD…