CIRP Application of Canara Bank was admitted based on payment default of a debt amount beyond Rs. 1 Crore

Canara Bank Vs S.S. Aluminium Private Limited (NCLT Cuttack) Conclusion: Application filed by Canara Bank under Section 7 of the Code read with Rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP citing the default payment of a debt amount beyond Rs. 1 Crore as evident from the Form-C and Form-D of the NeSL certificate, from the loan account statement of S.S. Aluminium Private Limited, Corporate Debtor maintained by the Financial Creditor and from the acknowledgement of debt instrument executed by the Respondent was admitted. Hel...