CIRP Admitted as Corporate Guarantee Liability Recognised as Financial Debt: NCLT Chennai

R. K. Purushothaman Vs Carbyne Spartek Private Limited (NCLT Chennai) The National Company Law Tribunal (NCLT), Chennai, considered a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The applicant, a financial creditor, claimed an outstanding debt of ₹3,62,08,997 as on 31.10.2024, comprising ₹2,95,00,000 as principal and ₹67,08,997 as interest, with the date of default stated as 25.10.2024. The financial creditor had disbursed a total loan of ₹2,95,00,000 to ...