NCLAT Orders Insolvency for Insolvency Company

The National Company Law Tribunal (NCLT) has ordered insolvency resolution process against a company, in probably the first such case in India where the petitioner that approached the bankruptcy court alleging payment default is a firm that had earlier provided it services on insolvency resolution, The Economic Times reported. NCLT’s Hyderabad bench has ordered the proceedings at Sri Yadadri Life Sciences (SYLS) for the alleged default in payments to Adroit Financial Services (AFS) for advice given on insolvency resolution and services towards capital structuring and settlement of debt through a one-time settlement with its lender. Read more