Admission of application u/s 7 of Code as default in repayment of financial debt exceeding threshold established

Shriram Finance Limited Vs Bafna Motors Ratnagiri Private Limited (NCLT Mumbai) Conclusion: Since debt exceeded threshold of ₹1 crore under Section 4 of the Code and evidence was placed on record such as sanction letter, loan agreement, account statement, demand notice, IU record which demonstrated all pre-requisites of Section 7(5)(a) of the Code were fulfilled and, accordingly, the instant Application was fit for admission under Section 7 of the Code. Held: In the instant case, a Financial Creditor was an NBFC engaged in the business of providing finance to a wide range of customers includ...