The Chennai Bench of the National Company Law Tribunal (NCLT) has ordered liquidation of Annamalai Foods Private Limited, which runs the Nalas Aappakadai brand of restaurants.
The insolvency proceedings was filed by Sree Provisions Stores claiming non-payment of dues ₹16.83 lakh. The liquidation was ordered after the committee of creditors could not find a suitable resolution plan for revival of the company.
Under the insolvency and bankruptcy code, a maximum of 270 days is given for finding a suitable resolution plan for revival of the company and if not it goes under liquidation.
The firm had 91 employees and eight outlets were operational. The total revenue generated in the past six months during the period of the corporate insolvency process was about ₹4.35 crore, according to the information presented at NCLT, by Deepa Venkat Ramani, the resolution professional appointed for the process. The NCLT has appointed Ms. Ramani as the company liquidator.
