IBC 2016: Section 7 application cannot be denied merely for non-stamping of Loan facility agreement 

Aashish Kadam Vs Nagpur Nagarik Sahakari Bank Ltd. (NCLAT Delhi) The submission which has been raised by Shri Shikhil Suri is that the document by which Secured Cash Credit Facility was extended to the Corporate Debtor is not a stamped and on account of document having not been stamped, the said document could not have been relied on in passing of the order in Application under Section 7. We have perused the impugned order. In para 7 of the impugned order, document executed by the Corporate Debtor has been noticed. One of the facts which has been noticed is that present is a case of mortgage b...