CIRP Ordered After Repeated Defaults on Short-Term Loan Above Threshold

Capital Trade Links Limited Vs Vitasta Software India Private Limited (NCLT Delhi) Conclusion: Financial Creditor had successfully established the existence of a financial debt and the occurrence of default well above the statutory threshold prescribed under Section 4(1) of the IBC. Despite being granted repeated opportunities, Corporate Debtor had failed to rebut the documentary evidence produced by Financial Creditor. Accordingly, in exercise of powers under Section 7(5) of the IBC, the present petition deserved to be admitted, and the Corporate Insolvency Resolution Process was hereby initi...