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Petition u/s. 7 of IBC duly admissible on existence of ‘debt’ and ‘default’
Case Law Details
- Case Name
- Kotak Mahindra Bank Ltd. Vs Hybro Foods Private Limited (NCLT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Kotak Mahindra Bank Ltd. Vs Hybro Foods Private Limited (NCLT Mumbai)
NCLT Mumbai held that petition under section 7 of Insolvency and Bankruptcy Code (IBC) duly admissible, as two essential qualification i.e. ‘debt’ and ‘default’ existed.
Facts- This Company Petition is filed by Kotak Mahindra Bank Ltd (Financial Creditor) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Hybro Foods Private Limited, (Corporate Debtor) alleging that the Corporate debtor committed default in making payment to the Financial Creditor. This petition has been f...
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