Goyal Achal Sampatti Vikas And Niyojan Nigam Limited Vs Quanteco World Limited (NCLT Mumbai)
NCLT Mumbai held that application under section 7 of the Insolvency and Bankruptcy Code against Corporate Debtor [Quanteco World Limited] for initiation of Corporate Insolvency Resolution Process [CIRP] is admissible since debt and default duly established.
Facts- This is an application filed by the Applicant- M/s. Goyal Achal Sampatti Vikas and Niyojan Nigam Limited (Financial Creditor / the Petitioner), on 30.03.2025 against the Respondent- Quanteco World Limited (Corporate Debtor), u/s. 7 of the Insolvency & Bankruptcy Code 2016 r/w Rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, seeking commencement of the Corporate Insolvency Resolution Process (‘CIRP’) of the Corporate Debtor, appointment of Interim Resolution Professional (‘IRP) and declaration of moratorium u/s 14 of the Code.
Conclusion- In the instant case, the Applicant/Financial Creditor has not only established the existence of financial debt but also satisfactorily proved that the Corporate Debtor has defaulted in repayment of the financial debt and such default well exceeds the minimum threshold of rupees one crore prescribed u/s 4 of the Code for initiation of CIRP of the Corporate Debtor. We have already held hereinbefore that the present application is within limitation. The application is also complete in all material respect.
