The Punjab National Bank, one of the Financial Creditor had filed an application with Honble National Company Law Tribunal (NCLT), New Delhi for initiation of Corporate Insolvency Resolution Process (CIRP) against Samtel Color Limited u/s 7 of the Insolvency and Bankruptcy Code (IBC).
The Honble NCLT after hearing the application vide its Order dated September 7, 2017 admitted the application of the Financial Creditor for initiation of Corporate Insolvency Resolution Process (CIRP) and has appointed Mr. Sanjay Gupta (Registration No. IBBI/PA-001/IP-P00117/2017-18/10252 as Interim Resolution Professional.
Please note that with the appointment of Interim Resolution Professional, the power of the Board of Directors of the Company stands suspended and the same will be exercised by the interim resolution professional.
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