NCLT Admits CIRP as Part-Payment Does Not Eliminate Financial Default: NCLT Cuttack

IN2IT Systems & Services Pvt. Ltd Vs IN2IT Technologies Private Ltd. (NCLT Cuttack) The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by the Financial Creditor seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on an alleged financial debt arising from a Loan Agreement dated 30 September 2020. The Financial Creditor claimed a default of ₹16.53 crore, comprising a principal outstanding of ₹11.04 crore and contractual interest of ₹5.49 crore at 18% per annum. The date of default was stated as 1...