NCLT Bengaluru admits Vasudev Adigas Fastfood Pvt Ltd into voluntary Corporate Insolvency Resolution Process (CIRP) under Section 10 of IBC.
The company defaulted on operational debt of ₹4.17 crore due to pandemic losses, competition, and high statutory penalties.
Prafulla Gurulingayya Melinamani appointed as Interim Resolution Professional with moratorium imposed effective immediately.
The tribunal directs the corporate applicant to deposit ₹5 lakh for CIRP costs and provide extensive financial records.