Admission of IBC application for default in repaying ₹5.7 Cr over 10-Year interest-free period

Ashirwad Agarwal Vs Sreedhar Ramankrishnan (NCLT Chandigarh) Conclusion: Loans advanced by Financial creditors were supported by a board resolution and reflected in the balance sheets of the corporate debtor, constituted a valid financial debt undersection 5(8) of IBC. The acknowledgment of such borrowings in financial statements extended the limitation period, thereby rendering the Section 7 petition maintainable. As the debt exceeded the statutory threshold and default stood established, the petition was admitted, CIRP initiated, and an IRP appointed with moratorium declared under Section 1...