Empee Distilleries moves NCLAT against insolvency resolution order

By: | Published: November 21, 2018 5:42 AM

Empee Distilleries on Tuesday said that it has appealed to the National Company Law Appellate Tribunal (NCLAT) against the insolvency resolution order by the Chennai bench of the National Company Law Tribunal (NCLT).

nclt, chennaiEmpee Distilleries, one of the popular Indian-made foreign spirits manufacturers in Tamil Nadu, was dragged to NCLT by Union Bank of India, claiming dues to the tune of Rs 10.18 crore from the company.

Empee Distilleries on Tuesday said that it has appealed to the National Company Law Appellate Tribunal (NCLAT) against the insolvency resolution order by the Chennai bench of the National Company Law Tribunal (NCLT). The NCLT had ordered commencement of corporate insolvency resolution process against Empee Distilleries and appointed V Venkata Siva Kumar as interim resolution professional (IRP).

Empee Distilleries, one of the popular Indian-made foreign spirits manufacturers in Tamil Nadu, was dragged to NCLT by Union Bank of India, claiming dues to the tune of Rs 10.18 crore from the company.

The Chennai bench of NCLT, while ordering commencement of the resolution process against the company, had observed that there was a debt due payable by the corporate debtor (Empee Distilleries) and that a default had occurred which the company was responsible to pay. It had pointed out that UBI had established that the amount in default committed by the company was a fact and it was supported by documentary evidence placed before the tribunal.

In a regulatory filing, the company on Tuesday clarified: “We wish to mention that we have appealed against the order of NCLT, Chennai, with NCLAT and hope to hear from NCLAT anytime soon. The IRP appointed by NCLT, Chennai, is collating data from various sources as part of the resolution process, which is still at a nascent stage.”

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