CIRP Initiated as Financial Debt and Default Established with Documentary Evidence: NCLT Mumbai

Bank of India Vs Neurostar Hospital Private Limited (NCLT Mumbai) The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by a financial creditor seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The total amount claimed to be in default was approximately ₹28.51 crore, with the date of default stated as 28.02.2023 and classification as Non-Performing Asset (NPA) on 29.05.2023. The financial creditor had extended credit facilities to the corporate debtor, including a term loan of ₹20.45 crore sanctioned in 2020 a...