New Delhi: The National Company Law Tribunal (NCLT) has directed initiating insolvency proceedings against Himalayan Mineral Waters, allowing Jammu & Kashmir Bank’s plea for default of a corporate guarantee given for LeeL Electricals.
The Allahabad bench of NCLT has also appointed Bhoopesh Gupta as the interim resolution professional (IRP) for this Dehradun-based firm’s Corporate Insolvency Resolution Process (CIRP).
“We are satisfied that the Applicant/Financial Creditor (J&K Bank) has proved the debt and the default, which is more than the threshold limit… the application u/s 7 is found to be fit for initiation of the CIRP against the Corporate Debtor (Himalayan Mineral Waters,” said a two-member bench in the order passed last Monday.
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