NCLT Admits Insolvency Plea as Simultaneous CIRP against Borrower & Guarantor Is Permissible

Axis Bank Ltd Vs IMOST Academy (India) Private Limited (NCLT Kochi) The National Company Law Tribunal (NCLT), Kochi Bench admitted a petition filed by Axis Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against IMOST Academy (India) Private Limited for default amounting to Rs. 5.70 crore. Axis Bank submitted that the Corporate Debtor had availed multiple credit facilities, including a term loan of Rs. 6.50 crore, working capital loan of Rs. 75 lakh, and additional facilities under the Emergency...