Mumbai: The National Company Law Tribunal (NCLT), Mumbai bench recently initiated corporate insolvency resolution process (CIRP) against Vijay Group Realty LLP for failing to pay a debt of around Rs one crore to a Thane-based financial creditor.
The bench of H V Subba Rao, judicial member and Chandra Bhan Singh, technical member, allowed the petition filed by Bhanu Navin Nisar seeking to initiate CIRP against Vijay Group Realty LLP, alleging that the debtor committed default in making payment of Rs One crore along with an interest of 18 per cent to her. She claimed that the payments have been outstanding since August 2019.
The plea claimed that Nisar had given a loan to the company, having its office at Churchgate, in O…
Read the full article at: https://www.freepressjournal.in/mumbai/fpj-legal-nclt-oks-corporate-insolvency-resolution-process-against-south-mumbai-company-for-failing-to-repay-rs-1-crore-debt