The Mumbai bench of the National Company Law Tribunal (NCLT) admits Punjab National Bank’s application to initiate a corporate insolvency resolution process (CIRP) against listed free zone developer and operator Arshiya Ltd. The lender had approached the National Company Law Tribunal (NCLT) after the company defaulted on its dues of over Rs 193 crore and has appointed Nitin Vishwanath Panchal as the resolution professional. “During the CIRP Period, the management of the CD (corporate debtor) shall vest in the IRP or, as the case may be, the RP as the case may be, of the IBC,” said the division bench of Judicial member KR Saji Kumar and a technical member Sanjiv Dutt in its order of…
Read More…