NCLT Chennai admits Balaganga Textiles' Section 10 insolvency application with Rs 41.01 crore total debt default.
Corporate debtor defaulted Rs 37.92 crore to financial creditors including HDFC Bank and Rs 3.09 crore to operational creditors.
Tribunal appoints S. Kangayan as IRP and imposes moratorium under Section 14, overriding HDFC Bank's SARFAESI objections.
Corporate debtor directed to pay Rs 2 lakh to IRP for initial expenses as CIRP commences immediately.