8/18/22, 1:06 PM Birla Tyres: NCLT orders insolvency proceedings against Birla Tyres - The Economic Times

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Business News › Industry › Auto › Tyres › NCLT orders insolvency proceedings against Birla Tyres

NCLT orders insolvency proceedings against Birla

Tyres
PTI Last Updated: May 09, 2022, 04:43 PM IST
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Synopsis
NCLT has ordered the initiation of insolvency proceedings against Birla Tyres Ltd in a
case filed by multi-business chemicals firm SRF Ltd, an operational creditor of the BK
Birla group firm. SRF had claimed a default in payment of Rs 15.84 crore, which includes
a principal of Rs 10.06 crore and interest of 5.78 crore, for the supply of Tyre Cord Fabric
as of July 8, 2021.

The National Company Law Tribunal

(NCLT) has ordered the initiation of
insolvency proceedings against Birla
Tyres Ltd in a case filed by multi-
Web SMS
business chemicals firm SRF Ltd Verification Code
NSE 1.07 % , an operational creditor of
the BK Birla group firm. A two-member SMS can be sent to any
Kolkata bench of the NCLT has also country, verification
appointed Seikh Abdul Salam as
codes, marketing, and
notifications.
Interim Resolution Professional (IRP) to run the operations of the company
after suspending the board and also declared a moratorium as per the
BUKA
procedures of the Insolvency & Bankruptcy Board (IBC).

SRF had claimed a default in payment of Rs 15.84 crore, which includes a

principal of Rs 10.06 crore and interest of 5.78 crore, for the supply of Tyre Cord
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Fabric as of July 8, 2021.

The tribunal said it was "satisfied upon the basis of documents", including Popular in Auto
pleadings of parties as "default has occurred" and observed there is no
1. Greaves Cotton exploring
export opportunities for
payment of the unpaid operational debt and also there is an admission of this
electric 2-wheelers
by Birla Tyres, the corporate debtor.

https://economictimes.indiatimes.com/industry/auto/tyres/nclt-orders-insolvency-proceedings-against-birla-tyres/articleshow/91440462.cms 1/5