NCLT Admits Insolvency Petition Against Monica Mulay

NCLT Mumbai admits Abhyudaya Bank's petition to initiate insolvency against personal guarantor Monica Mulay for Rs 7.4 crore debt.
The petition relates to guarantees provided for loans to Nirmangold Plasttech, which defaulted and was declared NPA in 2019.
The tribunal rejected all objections raised by the respondent, including on limitation, authorization, and stamping of guarantee deeds.
A moratorium is declared for 180 days, and the appointed resolution professional is directed to invite claims from creditors.