NCLT admits SPNI’s insolvency petition against Ortel, appoints interim resolution professional

The National Company Law Tribunal (NCLT) has admitted Sony Pictures Networks India’s (SPNI) corporate insolvency petition against multi system operator (MSO) Ortel Communications. Further, the NLCT Delhi bench has also appointed the Interim Resolution Professional (IRP). SPNI had filed the petition against Ortel under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating corporate insolvency resolution process. As per the Insolvency and Bankruptcy Code 2016, the IRP’s role is to collect all information relating to the assets finances, and operations of the corporate debtor for determining the financial position of the corporate debtor. It also has to receive and collate all the claims submitted by creditors to him pursuant to the public announcement made. The IRP’s responsibility also includes constituting a committee of creditors. Further, the IRP will have to monitor the assets of the corporate debtor and manage its operations until a resolution professional is appointed by the committee of creditors.

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