NCLT Admits Insolvency Plea Against Tarun Alloys

The NCLT admitted a Section 7 IBC petition, initiating CIRP against Tarun Alloys for a default of Rs. 1.21 crore.
The tribunal overruled the corporate debtor's objections, finding a financial debt and default of Rs. 1.21 crore.
The tribunal appointed an Interim Resolution Professional and suspended the board of the corporate debtor.