Unitech International Ltd

Unitech International Ltd Faces Insolvency Proceedings Over ₹3.4 Crore Debt 🏢⚖️

• Operational creditor 4G Plastics Inc. filed for insolvency against Unitech International Ltd over unpaid debt of ₹3,41,57,998

• The debt stems from 41 unpaid invoices for acrylic raw materials supplied between April 2022 and August 2022

• Corporate Debtor acknowledged financial constraints but claimed willingness to pay outstanding dues

• Tribunal found the response vague and admitted the application, declaring an immediate moratorium

• Moratorium prohibits legal actions, asset transfers, and property recovery until CIRP completion

• Mr. Popat Mayur Rajendrakumar appointed as Interim Resolution Professional to manage the process

• Operational Creditor directed to deposit ₹5,00,000 as initial CIRP cost, reimbursable from available funds