CIRP against Labhanshi Multitrade over Rs. 1.17 Crore default was admitted u/s 7 of IBC, 2016

Avanti Finance Pvt Ltd Vs Labhanshi Multitrade Pvt Ltd (NCLT Indore)

Conclusion: Since the existence of financial debt and default was undisputed and all procedural requirements under Section 7 were satisfied, the petition of Corporate Insolvency Resolution Process (CIRP) against Labhanshi Multitrade Private Limited (Corporate Debtor) deserved admission.

Held: Financial Creditor, Avanti Finance Private Limited, an NBFC filed a petition under Section 7 of the IBC, 2016 against Labhanshi Multitrade Pvt. Ltd.

Please become a Premium member. If you are already a Premium member, login here to access the full content.