Axis Bank Ltd Vs IMOST Academy (India) Private Limited (NCLT Kochi)
The National Company Law Tribunal (NCLT), Kochi Bench admitted a petition filed by Axis Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against IMOST Academy (India) Private Limited for default amounting to Rs. 5.70 crore.
Axis Bank submitted that the Corporate Debtor had availed multiple credit facilities, including a term loan of Rs. 6.50 crore, working capital loan of Rs. 75 lakh, and additional facilities under the Emergency Credit Line Guarantee Scheme (ECLGS). The loans were sanctioned for procurement of land, construction of buildings, and purchase of equipment for setting up a training institute. The bank relied upon various documents including sanction letters, loan agreements, acknowledgement of debt dated 20.06.2024, recall notices, deeds of guarantee, statement of accounts, CIBIL report, and financial statements to establish debt and default.
The Financial Creditor stated that due to default in repayment, the accounts were classified as Non-Performing Assets (NPA) on 29.06.2024 and recall notices were issued. As on 22.02.2026, the outstanding default amount stood at Rs. 5,70,84,211.69, which exceeded the statutory threshold under the IBC.
The Corporate Debtor opposed the petition by arguing that the bank had already initiated CIRP proceedings against the corporate guarantor, Euro Tech Maritime Academy Private Limited, and the same had been admitted by the Tribunal earlier. It contended that filing another petition for the same debt amounted to suppression of material facts.
