The Nationwide Corporate Legislation Tribunal (NCLT) has admitted Mumbai-based KLT Staff’s subsidiary, Color Roof India (CRIL), underneath the company insolvency answer procedure and appointed Hemant Kumar Shah because the insolvency answer skilled. The corporate is all for design, construction and provide of roof and wall cladding sheets.
The NCLT’s Mumbai bench admitted the corporate in an software filed by means of Phoenix ARC, which had approached the tribunal after the corporate allegedly did not pay off its dues of over ₹166 crore.
“There’s a default by means of the company debtor within the cost of the debt quantity. Due to this fact, we’re of the thought to be view that the prevailing petition merits to be admitted underneath Phase 7 of the (Insolvency and Chapter) Code for initiation of CIRP towards the company debtor,” mentioned a department bench of judicial member Kishore Vemulapalli and technical member Prabhat Kumar.
