NCLT Admits Insolvency Plea After Debt and Default Admitted by Corporate Debtor

Bank of India Limited Vs Borivali Healthcare Private Limited (NCLT Mumbai) The National Company Law Tribunal (NCLT), Mumbai Bench, admitted a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The applicant, a financial creditor, had sanctioned aggregate credit facilities of ₹10.45 crores to the Corporate Debtor, including three term loans and an overdraft facility, disbursed between March 2022 and July 2023. The term loans were repayable in 108 monthly instalments...