NCLT Admits Insolvency Plea Following Acknowledged Financial Debt

Aka Supplychain Solutions Private Limited Vs Ecolex Industrial Products Private Limited (NCLT Ahmedabad) The case concerns an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Financial Creditor seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for a default amount of ₹1,16,91,726 as on 31.07.2024, with the date of default being 26.04.2024. The Financial Creditor, a financial institution based in Thane, Maharashtra, filed the application through its Director, duly authorized by a Board Resolution dat...