Key Points
The National Company Law Tribunal (NCLT) has admitted men's grooming and personal care firm Supermax Personal Care under the insolvency resolution process and appointed Kshitiz Gupta as the interim resolution professional of the company..
The Mumbai bench of NCLT had admitted an application filed by the company's operational creditor Nimbus Packaging...
"The corporate debtor (Supermax Personal Care) in its reply has admitted its liability by stating that it is facing severe financial difficulties," a division bench presided by judicial member Kishore Vemulapalli and technical member Anu Jagmohan Singh said in its order of January 11. "Since the debt and default exist and no pre-existing dispute has been brought out by the company, it is a fit case for admission under the insolvency and bankruptcy code."..
"When the creditor experienced a delay in payment, it asked Supermax Personal Care to give a letter of credit from the bank," argued Pyasi..
The operational creditor had approached the tribunal in September last year after Supermax Personal Care defaulted on its dues of 1.97 crore...
