Order appointing Interim Resolution Professional
Awaiting price reaction for this filing.
The National Company Law Tribunal (NCLT), Mumbai Bench-III has admitted an insolvency petition under Section 9 of the Insolvency and Bankruptcy Code filed by operational creditor Deepak Kalanand Jha against Dhruv Wellness Limited. The default amount is Rs. 4.09 crore, arising from unpaid dues for goods supplied (FMCG, ayurvedic, cosmetic products) between March and May 2019. The company had acknowledged the outstanding balance in 2020, 2021, and 2022, and even proposed a Rs. 51 lakh settlement, which the creditor did not accept. Mr. Ashok Mittal has been appointed as the Interim Resolution Professional (IRP), and a moratorium under Section 14 has been imposed. The company's management will now vest in the IRP, suspending the existing board.
This is a significant negative event for shareholders. The company's operations and management are now under IRP control, and a moratorium on asset transfers and recovery actions is in effect. Shareholders face uncertainty over the future of the company, which may go through a resolution plan or liquidation. Expect high volatility and likely negative impact on the stock price.