NCLT allows insolvency proceedings against Blue Blends

The National Company Law Tribunal (NCLT), Mumbai bench, has allowed the commencement of the debt resolution process of BSE-listed Blue Blends (India) Ltd under insolvency and bankruptcy rules. It has appointed Vinit Gangwal as the Interim Resolution Professional. The petition was filed in NCLT by operational creditor Sarla Performance Fibres Ltd after Blue Blends failed to clear dues.