The National Company Law Tribunal has initiated the Corporate Insolvency Resolution Process (CIRP) against Space Incubatrics Technologies Limited.

This decision stems from a petition filed by Avail Financial Services Limited due to a default of Rs. 1.19 crore on a loan.

The Tribunal confirmed the debt and default, appointing Mr. Dinesh Chander Gupta as the Interim Resolution Professional.

A moratorium has been declared, prohibiting legal actions against the company and restricting asset transfers.

The financial creditor will deposit Rs. 0.01 crore for the IRP's expenses.

This significant development changes the company's management control, heading towards a resolution plan or potential liquidation, impacting shareholders.