Bank of India Vs Neurostar Hospital Private Limited (NCLT Mumbai)
The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by a financial creditor seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The total amount claimed to be in default was approximately ₹28.51 crore, with the date of default stated as 28.02.2023 and classification as Non-Performing Asset (NPA) on 29.05.2023.
The financial creditor had extended credit facilities to the corporate debtor, including a term loan of ₹20.45 crore sanctioned in 2020 and a working capital term loan of ₹5.85 crore under a government scheme in 2022, aggregating to ₹26.30 crore. These loans were supported by various security documents such as hypothecation agreements, mortgage deeds, guarantees, and promissory notes. The creditor also produced records evidencing disbursement of funds, loan agreements, and acknowledgment of debt by the corporate debtor.
The corporate debtor had acknowledged its liabilities in writing and subsequently defaulted in repayment obligations on 28.02.2023. A demand notice under the SARFAESI Act, 2002 was issued, but the dues remained unpaid. The default was also authenticated through records from an information utility (NeSL).
Despite service of notice by the Tribunal, the corporate debtor neither filed a reply nor appeared before the Tribunal, and was therefore set ex-parte.
Upon examination of the documents, the Tribunal found that:
