The National Company Law Tribunal (NCLT) Mumbai Bench has commenced the Corporate Insolvency Resolution Process (CIRP) on account of defaulting an amount of ₹45.41 Crores. The Bench comprising Nilesh Sharma (Judicial Member) and Sameer Kakar (Technical Member) held that if the debt is repeatedly acknowledged through One Time Settlement (OTS) schemes and financial statements it cannot be said to be barred by time.
The Bank of Maharashtra who is the financial creditor had granted a cash credit facility of ₹9.75 Crores to the principal borrower Brainer Impex Limited in 2011.
READ MORE:₹5.86 Crore DefaultTriggers CIRP Over Unpaid Operational Dues: NCLT Admits Insolvency Plea
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