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. (Corporate Debtor) for default in repayment of ₹1,17,78,807 arising from a term loan o...