The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), while adjudicating a petition filed in Srinidhi Comprint Private Limited v First Flight Couriers Limited, has initiated Corporate Insolvency Resolution Process (CIRP) against First Flight Couriers Ltd. and Mr. Indrajit...
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), while adjudicating a petition filed in Srinidhi Comprint Private Limited v First Flight Couriers Limited, has initiated Corporate Insolvency Resolution Process (CIRP) against First Flight Couriers Ltd. and Mr. Indrajit Mukherjee has been appointed as Interim Resolution Professional.
Background Facts
First Flight Couriers Limited ("Corporate Debtor") is a premier courier service providing company in India, operating since 30 years in both domestic and international domain.
Srinidhi Comprint Private Limited ("Operational Creditor") had supplied printed items i.e. Courier Slips, PP Woven Fabric Sack to the Corporate Debtor between 2018-19 and an invoice of Rs.1,44,07,837/- was raised. The Corporate Debtor used the services/items supplied by the Operational Creditor but failed to clear the dues.
The Operational Creditor issued Demand Notice under Section 8 of Insolvency and Bankruptcy Act, 2016 ("IBC") to the Corporate Debtor, to which no response was received. When payments were not received, the Operational Creditor had filed a petition under Section 9 of IBC, seeking initiation of Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor, over a default of Rs.1,44,07,834/-.
The Corporate Debtor admitted its liability before the Adjudicating Authority and submitted that it is not in a position to repay the dues. Further, the employees of the Corporate Debtor have also gone on strike because of non-payment of salaries etc.
Decision Of NCLT
The Bench admitted the petition under Section 9 of IBC and initiated CIRP against the Corporate Debtor. Mr. Indrajit Mukherjee has been appointed as Interim Resolution Professional.
Case Title: Srinidhi Comprint Private Limited v First Flight Couriers Limited
Case No.: CP (IB)738/MB/C-IV/2021
Counsel for Petitioner: Mr. Farhan Dubash, Advocate
Counsel for Respondent: Ms. Pragya Khaitan, Advocate