NCLAT revives insolvency against Chintamani's Jewellery Arcade after Axis Bank settlement breach
NCLAT restored CIRP against Mumbai-based Chintamani's Jewellery Arcade before NCLT Mumbai after Axis Bank flagged a breached, court-recorded settlement. The jeweller paid only Rs 70 lakh of Rs 3.30 crore dues, falling short on the agreed Rs 1.5 crore upfront amount.
NCLAT revived insolvency proceedings against Mumbai-based Chintamani's Jewellery Arcade after Axis Bank showed the jewellery company breached its court-recorded settlement, paying only Rs 70 lakh of Rs 3.30 crore dues. CIRP restored before NCLT Mumbai.