NCLT Admits Section 7 Petition as OTS Acknowledged Debt & Extended Limitation

Canara Bank (Erstwhile Syndicate Bank) Vs KGOC Terminals Private Limited (NCLT Amaravati) The National Company Law Tribunal (NCLT), Amaravati Bench, admitted a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) filed by the financial creditor against the corporate debtor for initiation of the Corporate Insolvency Resolution Process (CIRP). The Tribunal also appointed an Interim Resolution Professional (IRP) and declared a moratorium under Section 14 of the IBC. The financial creditor filed the petition seeking initiation of CIRP for default in repayment of ₹64,69,67,5...