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 Monda…
Read the full article at: https://timesofindia.indiatimes.com/india/nclt-initiates-insolvency-against-himalayan-mineral-water/articleshow/110835186.cms