NCLT Admits CIRP Petition Because Financial Debt & Default of ₹39.19 Crore Established

Axis Bank Vs Millenium Starch India Pvt Ltd (NCLT Bengaluru) The National Company Law Tribunal admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by Axis Bank against Millennium Starch India Pvt. Ltd. and initiated Corporate Insolvency Resolution Process (CIRP) after finding existence of financial debt and default. The Financial Creditor stated that the Corporate Debtor had availed credit facilities aggregating ₹40 crore under a Multiple Banking Arrangement dated 19.05.2022 comprising an Open Cash Credit Facility of ₹25 crore and a Term Loan Facility of â...