NCLT admits ₹18.89 crore CIRP plea over palm olein dues
In short
NCLT admitted a ₹18.89 crore insolvency plea over unpaid palm olein supplies. It found an acknowledged operational debt, a continuing payment default and no real pre-existing dispute.
The ruling sends the case into the corporate insolvency resolution process. That can affect the company’s creditors and recovery process.
What the reporting says
NCLT admitted a ₹18.89 crore corporate insolvency resolution process plea over unpaid palm olein supplies after finding acknowledged operational debt and continuing payment default. The tribunal also rejected the defence of a pre-existing dispute, saying there was no genuine dispute over the dues. The order moves the case into insolvency proceedings against the defaulting company.
Why it matters
NCLT admitted the corporate insolvency resolution process plea for ₹18.89 crore after finding acknowledged operational debt and continuing default on palm olein supplies. It rejected the pre-existing dispute defence, saying there was no genuine dispute over the dues. The decision triggers insolvency proceedings and affects the debtor company and its creditors.