NCLAT revives insolvency against Chintamani Jewellery Arcade on Axis Bank plea
The appellate tribunal reinstated insolvency proceedings against the Mumbai jeweller after it breached a structured settlement, paying just Rs 70 lakh of Rs 3.30 crore in dues owed to Axis Bank on defaulted credit facilities.
NCLAT revived insolvency proceedings against Mumbai-based Chintamani's Jewellery Arcade on Axis Bank's plea, citing breach of settlement terms after the jeweller failed to honour a structured repayment schedule for defaulted credit facilities.