Existence of financial debt and default thereof established hence section 7 application rightly admitted

Anil Biyani Vs Axis Trustee Services Ltd. & Anr. (NCLAT Delhi) NCLAT Delhi held that since existence of financial debt and default thereon is established, the adjudicating authority has rightly admitted section 7 application under the Insolvency and Bankruptcy Code. Accordingly, appeal dismissed. Facts- This Appeal by a Suspended Director of the Corporate Debtor (“CD”) – Future Ideas Company Ltd. has been filed challenging the order dated 09.04.2025 passed by National Company Law Tribunal (“NCLT”), Mumbai Bench-VI admitting Section 7 Application filed by Axis Trustee Services...