The National Company Law Tribunal (NCLT), New Delhi Bench, ordered the liquidation of SN Cinema Advertising Pvt. Ltd. under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, rejecting the suspended directors’ objections that liquidation was premature and that the company’s MSME status entitled them to revive operations.
The Corporate Insolvency Resolution Process (CIRP) of M/s SN Cinema Advertising Pvt. Ltd. was initiated on 3 January 2023 upon admission of a Section 7 petition filed by M/s Loveni Marketing & Advertising Pvt. Ltd. (now M/s Viraj Technology India Ltd.), a financial creditor. Mr. Parveen Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution…