NCLT Admits Colour Roof India for Insolvency Proceedings

The National Company Law Tribunal (NCLT) has admitted Mumbai-based KLT Group's subsidiary, Colour Roof India (CRIL), under the corporate insolvency resolution process and appointed Hemant Kumar Shah as the insolvency resolution professional, the Economic Times of India reported. The company is involved in design, development and supply of roof and wall cladding sheets. The NCLT's Mumbai bench admitted the company in an application filed by Phoenix ARC, which had approached the tribunal after the company allegedly failed to repay its dues of over ₹166 crore. "There is a default by the corporate debtor in the payment of the debt amount. Therefore, we are of the considered view that the present petition deserves to be admitted under Section 7 of the (Insolvency and Bankruptcy) Code for initiation of CIRP against the corporate debtor," said a division bench of judicial member Kishore Vemulapalli and technical member Prabhat Kumar. Read more.