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Loan Without Formal Agreement Still a Financial Debt: NCLT Hyderabad
Case Law Details
- Case Name
- Manik Lal Sanghi Vs Neeraj Pipes Pvt Ltd (NCLT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Manik Lal Sanghi Vs Neeraj Pipes Pvt Ltd (NCLT Hyderabad)
The National Company Law Tribunal (NCLT), Hyderabad Bench, delivered its order in a company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) by a financial creditor seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s Neeraj Pipes Private Limited (“Corporate Debtor”). The petition alleged default in repayment of ₹2.63 crore, including interest, as on 5 November 2024.
The petitioner, an experienced businessman, stated that he had extended financial assistance of ...
