NCLT initiates insolvency against Himalayan Mineral Water

The National Company Law Tribunal (NCLT) has approved insolvency proceedings against Himalayan Mineral Waters due to defaulting on a corporate guarantee to Jammu & Kashmir Bank for LeeL Electricals. The tribunal appointed Bhoopesh Gupta as the interim resolution professional. J&K Bank claimed a default of Rs 50 crore, leading to this decision.