Public sector lender Corporation Bank has approached the National Company Law Tribunal (NCLT) to initiate insolvency resolution process against theme park company Adlabs Entertainment Ltd.
Adlabs Entertainment has received a notice from the Mumbai-bench of the NCLT filed by Corporation Bank to initiate Corporate Insolvency Resolution Process under Section 7 of Insolvency and Bankruptcy Code, 2016, the company said in a regulatory filing.
“The Company has received a notice from NCLT, Mumbai Bench on June 07, 2019 via an email, regarding an application filed by one of the Financial Creditors of the Company i.e. Corporation Bank to initiate Corporate Insolvency Resolution Process …. ,” it said.
Corporation Bank, a financial creditor of the company, has claimed a default of Rs 68.84 crore, it added.