The Chandigarh Bench of the National Company Law Tribunal National Company Law Tribunal on 25 May admitted a Section 7 petition filed by Himalaya Food International Limited and initiated Corporate Insolvency Resolution Process (CIRP) against A.P.J. Laboratories Limited for default of Rs 14.41 crore, holding that the debt and default stood admitted and undisputed.
Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh admitted the petition, appointed an Interim Resolution Professional, and declared a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016. The Bench held:
“..the Corporate Debtor has neither disputed the existence of the debt nor the occurrence of default. On the contrary, the…