NCLT initiates insolvency proceedings against Himalayan Mineral Water

The National Company Law Tribunal (NCLT) in Allahabad has ordered the commencement of insolvency proceedings against Himalayan Mineral Water Private Limited following a plea by Jammu and Kashmir Bank over a ₹50 crore debt owed by Leel Electricals, for which Himalayan Mineral Water was the corporate guarantor. \r

The NCLT admitted the plea and initiated the Corporate Insolvency Resolution Process (CIRP) against Himalayan Mineral Water, stating that the bank had proved the debt and default. Despite Himalayan Mineral Water's arguments regarding consortium agreements and ongoing liquidation proceedings against Leel Electricals, the NCLT concluded that a clear default existed. \r

Bhoopesh Gupta has been appointed as the interim resolution professional, with the next hearing scheduled for July 9.