NCLT Admits Section 7 Petition as Financial Debt & Default of Over ₹7.47 Crore Established

Aditya Birla Capitla Pvt. Ltd. Vs Spectra India Eco Projects Pvt. Ltd. (NCLT Hyderabad) The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for an alleged default of Rs. 7,47,59,548. The Financial Creditor stated that it had sanctioned a loan facility of Rs. 20 crore to the Corporate Debtor through a sanction letter dated 25.03.2021, out of which Rs. 16.33 crore was disbursed. To secure the facility, a Facility Agreement dated 27.03.2021 was executed, follo...