The Mumbai Bench of National Company Law Tribunal (NCLT) has allowed the petitions filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 which initiated the Corporate Insolvency Resolution Process (CIRP) after recording a total default of ₹65.44 crore.
While allowing the application filed by Alcob India Private Limited, the Bench of Prabhat Kumar (Judicial Member) and Sushil Mahadeorao Kochey (Technical Member )noted that the application for initiation of CIRP against the corporate debtor which is engaged in the business of manufacturing glass goods, etc., is complete in all respects meeting the requirements of the Insolvency and Bankruptcy Code, 2016.
In the application, the corporate debtor…