Manpasand Beverages Enters Corporate Insolvency Resolution Process (CIRP)

Team Finance Saathi

23/Dec/2024

What's Covered Under the Article

Manpasand Beverages enters CIRP following NCLT’s order dated 24th September 2024.
The CIRP was initiated after a Section 7 application (CP (IB) 129 of 2023).
Copy of the NCLT order uploaded on the official website as Annexure A.

Manpasand Beverages Limited, a prominent name in the beverages sector, has been admitted to the Corporate Insolvency Resolution Process (CIRP) by the Hon’ble National Company Law Tribunal (NCLT), Ahmedabad. This move was prompted by the Section 7 application (CP (IB) 129 of 2023), which led to the initiation of the CIRP as per the order dated 24th September 2024.

As part of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Manpasand Beverages disclosed this significant development to both BSE and NSE. The filing informs stakeholders and the public of the NCLT’s order, which marks a critical step in the company’s insolvency proceedings. A copy of the NCLT order has been uploaded on the official NCLT website and is available as Annexure A in the official filing.

The Corporate Insolvency Resolution Process (CIRP) is a legal framework under which a company facing financial distress can attempt to resolve its debts through a resolution plan. The move is part of the ongoing efforts to restructure Manpasand Beverages amidst financial challenges. This order follows a Section 7 application, which allows financial creditors to initiate insolvency proceedings when a company defaults on its debt obligations.

For further updates and information on the company's progress, stakeholders and investors are encouraged to stay informed through the official NCLT website and company disclosures.

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Manpasand Beverages Enters Corporate Insolvency Resolution Process (CIRP)

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