Non-payment of part of debt on becoming due amounts to default under IBC

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),...