NCLT Indore Bench admits Jai Ambe Spares Pvt Ltd into Corporate Insolvency Resolution Process (CIRP) under Section 10 of IBC 2016.
The company defaulted on total debt of approximately ₹25.10 crore to 16 financial creditors, including Indian Overseas Bank and Hero Fincorp.
The tribunal appointed Shri Harsh Firoda as Interim Resolution Professional and declared a moratorium on legal proceedings against the company.
Jai Ambe Spares reported a net loss of ₹5.40 crore for FY 2024-25 despite revenue of ₹23.02 crore.