The National Company Law Tribunal, Chandigarh Bench has accepted the voluntary insolvency petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC), filed by an Indian Made Foreign Liquor (IMFL) manufacturer on the basis of the financial default of ₹1.80 crore.
The Bench comprising Mr. Khetrabasi Biswal (Judicial Member) and Mr. Shishir Agarwal (Technical Member) was of the view that the corporate insolvency petition applicant had satisfied all the requirements under the IBC for initiating the Corporate Insolvency Resolution Process.
The corporate debtor has availed financial assistance in the form of a term loan and working capital funding from The Himachal Pradesh State Co-operative Bank …