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.
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The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted the company under the Corporate Insolvency Resolution Process (CIRP) based on a petition filed by IDBI Trusteeship Services, on behalf of Altico Capital, after the company defaulted on its dues worth Rs 286 crore.
The bankruptcy proceedings were initiated by construction company Techno Electric and Engineering Company in 2019 over a default on interest payments towards a Rs 100-crore loan, according to a court order reviewed by ET.