Ghalla & Bhansali Securities Private Limited, the financial creditor, filed two petitions under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Log9 Materials Scientific Private Limited (Corporate Debtor No.1) and Log9 Mobility Private Limited (Corporate Debtor No.2). These petitions were filed due to alleged defaults on financial debts by both corporate debtors. The NCLT decided to hear and decide both petitions together due to common facts and overlapping issues, as one corporate debtor is a holding company and the other its wholly-owned subsidiary, both operating from the same address.

Ghalla & Bhansali Securities Private Limited, the financial creditor, filed two petitions under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Log9 Materials Scientific Private Limited (Corporate Debtor No.1) and Log9 Mobility Private Limited (Corporate Debtor No.2). These petitions were filed due to alleged defaults on financial debts by both corporate debtors. The NCLT decided to hear and decide both petitions together due to common facts and overlapping issues, as one corporate debtor is a holding company and the other its wholly-owned subsidiary, both operating from the same address.