Mumbai: The Mumbai bench of the insolvency tribunal has ordered the initiation of a corporate insolvency proceedings against Vadraj Cement, a group company of the insolvent ABG Shipyard, after the cement manufacturer defaulted on dues of over 87 crore to Punjab National Bank.
Considering the facts and law, this bench is of the view that in such circumstances, it is imperative that corporate insolvency resolution process (CIRP) is only to be initiated in respect of the corporate debtor (Vadraj Cement). The default of the corporate debtor has been established and the application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) deserves to be admitted,” a National Company Law Tribunal (NCLT) bench led by Justices KR Saj…
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