The National Company Law Tribunal (NCLT) at Chennai has admitted an insolvency petition against Pradhin Limited after finding that the financial creditor had established the existence of a financial debt and default of ₹12.98 crore. The shares of Pradhin Limited are listed on Bombay Stock Exchange Limited.
The tribunal initiated the Corporate Insolvency Resolution Process against the company and appointed Rajesh Jasti as the interim resolution professional.
A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam was hearing a petition filed by Tatad Nayan Gautambhai seeking initiation of CIRP against Pradhin Limited.
The petition arose from a loan agreement, under which the Financial Creditor extended an…