NCLT Admits Ex-employee’s Insolvency Petition Against Quant Capital
Sumeet Arora filed the insolvency plea against Quant Capital over outstanding dues
(The Corner Office Journal) -- India’s National Company Law Tribunal (NCLT) admitted an insolvency resolution petition against Quant Capital Advisors Private Ltd. filed by its ex-employee over non-payment of dues.
The Mumbai bench of the NCLT, which had reserved its order on 20 December 2022, pronounced the verdict on 25 January, according to the bankruptcy court’s order.
The bench, comprising Judicial Member Kuldip Kumar Kareer and Technical Member Anuradha Sanjay Bhatia, also appointed Vijay Kumar Kulshrestha as the interim resolution professional of the investment advisory firm.
Sumeet Arora, an operational creditor of Quant Capital, had approached the NCLT seeking to initiate corporate insolvency resolution process (CIRP) against the Mumbai-based company over outstanding dues of 969,207 rupees ($11,883).
Lawyer Dhruv Suri appeared on behalf of Arora, while Quant Capital was represented by advocate Devanshu Desai.
Note: $1 = 81.5627 Indian rupees
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