CIRP application u/s. 7 of IBC admitted as debt and default established: NCLAT Mumbai

Bank of India Vs GF Toll Road Private Limited (NCLT Mumbai) NCLAT Mumbai held that initiation of CIRP application under section 7 of the Insolvency and Bankruptcy Code, 2016 admitted as the Corporate Debtor is in default of a debt due and payable and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Facts- This Company Petition is filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Bank of India (Financial Creditor/Applicant), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against GF Toll Road Private Limited (Corpor...