NCLT Mumbai has allowed plea filed by RBI against Reliance Capital Limited seeking initiation of the Corporation Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC).
NCLT admits insolvency plea against Wizcraft
SECTIONS
Share
Synopsis
IDBI Bank had given a loan to Great Indian Nautanki Company (GINC), a subsidiary of Wizcraft that runs India’s first live entertainment destination, Kingdom of Dreams, in Gurgaon. Wizcraft, being the majority partner in GINC, had provided a corporate guarantee to the loan. IDBI Bank has claimed that Wizcraft owed it Rs 60.39 crore as on June 1, 2019.
Agencies
Wizcraft argued the tribunal had no jurisdiction to entertain proceedings as liabilities of the corporate guarantor did not constitute financial debt
The Mumbai bench of the bankruptcy court has admitted an insolvency resolution petition filed by
The National Company Law Appellate Tribunal (NCLAT) on Monday directed the Ahmedabad bench of NCLT to decide within a week whether to admit or reject an insolvency plea filed against Sintex Industries by Punjab National Bank.