Mumbai: The National Company Law Tribunal on Wednesday admitted Indian Overseas Banks petition seeking initiation of corporate insolvency resolution process against textiles manufacturer Shrivallabh Pittie South West Industries.
Indian Overseas Bank, one of the financial creditors, had dragged the debt-laden firm to NCLT over non-payment of dues after it failed to make a payment of 73.92 crore to the bank.
A bench led by Justice Kuldeep Kumar Kareer said, We are of the considered view that the petitioner, in this case, has been able to establish the factum of existence of financial debt and its default having been committed by the Corporate Debtor and further that the petition has been filed well within the period of limitation. Th…
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