Written agreement not mandatory to prove existence of financial debt

Bijendra Prasad Mishra Vs HS Mercantile Pvt. Ltd. (NCLAT Delhi) NCLAT Delhi Held that a written agreement is not a condition precedent to prove the existence of a financial debt. Accordingly, CIRP application u/s. 7 of IBC duly admitted as debt and default proved. Facts- The instant appeal is preferred against the impugned order dated 13.12.2024 passed by the National Company Law Tribunal, Kolkata Bench (Court-I) whereby application moved by Respondent No. 2 under Section 7 of the IBC has been accepted and CIRP is initiated against Respondent No. 1/Corporate Debtor. Conclusion- In Jaiprakash A...