Summary:
Nagpur: The National Company Law Tribunal (NCLT) has admitted an insolvency petition against a Chandrapur-based company over a liability of Rs2.81 lakh. The petition was filed by brothers — Nandlal Popat and Dhayalal Popat, who were former directors of the company. Agrawal pointed out that the norms prescribe a 14-day period for admitting a petition, while here it has taken 10 months. On this, Popat said it was due to availability of dates at the tribunal. The professional will have to come up with a revival plan for the business within 180 days..