Punjab National Bank Vs Shriram Skill And Education Limited (NCLT Delhi)
NCLT Delhi held that application under section 7 of the Insolvency and Bankruptcy Code, 2016 against M/s. Shriram Skill and Education Ltd. [Corporate Debtor] is admitted since debt and default duly proved. Accordingly, present appeal is allowed.
Facts- This application has been filed by Mr. Pawan Singh Yadav, Chief Manager of Punjab National Bank, the Financial Creditor herein under Section 7 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of CIRP against M/s. Shriram Skill and Education Ltd., the Corporate Debtor herein for an alleged default of Rs. 1,47,31,49,400.91/- as on 31.12.2024.
Conclusion- The Corporate Debtor has not disputed the sanction of the credit facilities and the disbursals and admittedly the Corporate Debtor has defaulted in repaying the loan amount, we are of the view that the Applicant has satisfied the ingredients of Section 7 of the Code and established that there is a debt and default committed by the Corporate Debtor.
Hon’ble Supreme Court in the case of Innovative Industries Limited Vs. ICICI Bank and in the case of S. Krishnamurthy and Others Vs. Bharath Hi-Tech Builders Private Limited has held that, if the adjudicating Authority is satisfied that there is a debt and default has occurred, the Section 7 application shall be admitted.
