CIRP application u/s. 7 against Giga Pipe Systems Pvt. Ltd. admitted as debt and default established

State Bank of India Vs Giga Pipe Systems India Pvt. Ltd. (NCLT Delhi) NCLT Delhi held that application filed under section 7 of the Insolvency and Bankruptcy Code by State Bank of India for initiation of Corporate Insolvency Resolution [CIRP] against Giga Pipe Systems Pvt. Ltd. admitted since financial debt and default established. Facts- This is an Application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by State Bank of India (the Financial Creditor/Applicant) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Giga Pipe Systems Pvt. Ltd. (the Co...