The National Company Law Appellate Tribunal (NCLAT), New Delhi Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shri Naresh Salecha (Technical Member), has upheld the order whereby the NCLT had initiated Corporate Insolvency Resolution Process (CIRP) against Birla Tyres Ltd. (Corporate Debtor).
Background Facts
Birla Tyres Ltd. is a part of B.K. Birla Group of Companies. In 1991, it was incorporated as a part of Kesoram Industries Ltd. but was later demerged in 2018 as a part of re-structuring plan. In Financial Year 2021, Birla Tyres had made losses to the tune of Rs 287.63 Crore, while total revenue stood at Rs 153.11 Crore.
SRF Ltd. (Operational Creditor) had supplied Tire Cord Fabric to Birla Tyres Ltd. (Corpo…
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