NCLT admits Sandeep Axles for insolvency_NCLT admits Sandeep Axles for insolvency

NCLT admits Sandeep Axles for insolvency

May 21, 2024

Mumbai: The National Company Court (NCLT) New Delhi has recognized Sandep Axles Pvt of Haryana for entering into insolvency proceedings due to failure of the auto component manufacturer to make payments to its suppliers.

Operating creditor Regallll Metal Ferro Alloys has dragged the company to a special bankruptcy court over an unpaid bill of Rs 556.4 crore, reflecting the effectiveness of bankruptcy and insolvency laws, which is expected to help address the growing problem of defaults in the financial system.

Judicial Commissioner Ina Malhotra “Considering the confessions and prepared confessions on behalf of the debtors of the company, there is no impediment to accepting the petition in accordance with the requirements of the law,” he said in his order Vishnu Dutt has been recognized as an expert in interim solutions.

Vishnu Dutt has been appointed as Interim Resolution Specialist and is now responsible for the day to day operations of the company.

Regal Metal supplied goods worth Rs 1 crore to Sandeep Axles 22.2, which paid about three-fourths of the dues.

With the approval of the court, Sandeep Axles resumed operations or went into liquidation as per the approved resolution plan.

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