Bank of Maharashtra Limited Vs Omega Premises Private Limited (NCLT Mumbai)
NCLT Mumbai held that application for initiation of Corporate Insolvency Resolution Process [CIRP] under section 7 of the Insolvency and Bankruptcy Code, 2016 against corporate debtor admitted as financial debt and default thereon duly established.
Facts- This application was filed on 11.08.2025 by The Bank Of Maharashtra Limited, the Financial Creditor (Financial Creditor), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process in respect of Omega Premises Private Limited, the Corporate Debtor (Corporate Debtor).
Conclusion- Held that the Applicant has successfully demonstrated the existence of a financial debt as the transaction involves amount raised pursuant to Guarantee Deed under section 5(8) of the IBC, the occurrence of default, and the continuing nature of such default and all supported by clear documentary evidence. Financial Creditor has also proposed the name of an Insolvency Professional (IP) i.e. Mr. Prashant Jain as the proposed IP having valid AFA upto 31.12.2026 as reflected on IBBI portal, and as per the Form 2 attached along with the Application, no disciplinary proceedings are going on against the said IP. Further, this Application is complete as all the required documents have been attached along with the Application. Accordingly, the present Application is fit for admission under Section 7 of the IBC, 2016.
