NCLT initiates insolvency proceedings against CMYK Printech

The matter is related to an insolvency petition filed by Amit Goel, who is a director of CMYK Printech, The Pioneer group firm.

e4m by exchange4media Staff
Updated: Feb 2, 2021 6:39 PM
NCLT

The National Company Law Tribunal’s Delhi bench has initiated insolvency proceedings against a firm belonging to The Pioneer group.

The matter is related to an insolvency petition filed by Amit Goel, who is a director of CMYK Printech, The Pioneer group firm. The NCLT order says that the amount due to Goel along with 12 per cent interest was not paid to him after the allocation of equity shares was revoked, forcing him to make an insolvency plea.

Goel, who owns around 20 per cent in CMYK Printech, had given an unsecured loan of Rs 1.56 crore to the company's promoters in August 2018. The loan was converted into equity in September 2018, which was subsequently revoked in May 2019 following a board resolution.

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