German firm’s petition against LEPL admitted

The National Company Law Tribunal (NCLT), Amaravati Bench, has admitted a petition for insolvency proceedings against LEPL Projects Limited, a promoter of the grounded airliner Air Costa.

Member Judicial Janab Mohammmed Ajmal, while admitting a petition moved by MTU Maintenance Berlin-Brandenburg GmbH, which has its registered office in Ludwigsfelde, Germany, against LEPL for failing to pay up its dues, admitted the insolvency petition under the Insolvency and Bankruptcy Code, 2016.

While rejecting the contentions of the debtor company and respondent LEPL, the Tribunal admitted the insolvency petition and appointed Medarametla SM Rajini as Interim Resolution Professional and declared a moratorium as per the provisions of IBC.