New Delhi, Apr 12 (PTI) The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against McDowell Holdings Ltd and appointed an interim resolution professional.

The Bengaluru Bench of NCLT admitted the plea filed by Sun Star Hotels and Estate Pvt Ltd, a financial creditor of the erstwhile Vijay Mallya-promoted company, claiming a default of Rs 16.80 crore.

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The insolvency tribunal has also appointed KR Raju as the interim resolution professional of the company in its order passed on April 8, 2022.

"In the present case, the occurrence of default is evidenced by the details furnished by the Petitioner, including the record of financial information issued by NESL (National E-Governance Services Ltd) in respect of the debt of the Corporate Debtor," said the NCLT order.

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Even McDowell Holdings has acknowledged the debt and its inability to pay the same, the tribunal observed.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)