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NCLT Admits Insolvency Petition Because Borrower Defaulted on ₹36 Crore Loan Repayment
Case Law Details
- Case Name
- Indian Renewable Energy Development Agency Limited Vs Novus Green Energy Systems Limited (NCLT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Indian Renewable Energy Development Agency Limited Vs Novus Green Energy Systems Limited (NCLT Hyderabad)
The National Company Law Tribunal (NCLT), Hyderabad Bench, admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to default in repayment of financial debt amounting to ₹34,68,49,261 as on 15.09.2025.
The financial creditor had sanctioned a short-term loan facility of ₹36 crore to the corporate debtor through a sanction letter dated 19.03.2021 for...
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