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Non-payment of part of debt on becoming due amounts to default under IBC
Case Law Details
- Case Name
- Euro Corporate Services Private Limited Vs Royal Fantasy Constructions Pvt. Ltd (NCLT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Euro Corporate Services Private Limited Vs Royal Fantasy Constructions Pvt. Ltd (NCLT Mumbai)
NCLT Mumbai held that non-payment of part of debt when it becomes due and payable amounts to default. Thus, application u/s. 7 of Insolvency and Bankruptcy Code [IBC] duly admitted since there exists financial debt, exceeding threshold limit, and the same is in default.
Facts- This Company Petition is filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Euro Corporate Services Private Limited, formerly known as Distent Barter Private Limited (the Petitioner/ Financial Creditor),...
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