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The Kolkata bench of the Nationwide Firm Regulation Tribunal (NCLT) has ordered initiation of insolvency proceedings in opposition to BK Birla group firm Birla Tyres, admitting an insolvency petition of SRF Restricted, an operational creditor of the tyre maker.
The appliance filed by SRF, underneath Part 9 of the Insolvency and Chapter Code (IBC), for initiating the Company Insolvency Decision Course of (CIRP) in opposition to Birla Tyres, the company debtor, is admitted, mentioned the NCLT Kolkata bench in its order dated Might 5.
“SRF has excellent dues of over Rs 15 crore from Birla Tyres as the corporate equipped nylon tyre cords. The corporate filed the insolvency petition in opposition to Birla Tyres for default of constructing the fee,” SRF’s advocate Iram Hassan informed FE.
The tribunal mentioned Seikh Abdul Salam is appointed as interim decision skilled of the corporate to hold out the capabilities as per the IBC and in the course of the CIRP interval, the administration of the corporate will vest within the IRP.
Birla Tyres’ administration couldn’t be contacted instantly for his or her feedback.
Birla Tyres has a plan to demerge its passenger automotive radial enterprise right into a separate firm, Birla Tyre Radials. The corporate itself was demerged from group flagship Kesoram Industries in 2018 as a part of debt restructuring. In FY21, Birla Tyres made a lack of Rs 287.63 crore, whereas whole income stood at Rs 153.11 crore.
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