NCLT Admits Insolvency Plea as Financial Debt & Continuing Default Clearly Established

SREI Equipment Finance Limited Vs SRK Infracon (India) Private Ltd (NCLT Hyderabad) The National Company Law Tribunal admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against a corporate debtor after finding clear existence of financial debt, continuing default, and a valid claim within limitation. The financial creditor had extended term loan facilities aggregating to Rs. 44 crore under loan agreements dated 13 December 2019 and 25 June 2020 for purchase of heavy-duty vehicles intended for inf...