NCLT Admits Section 7 Plea Since Loan Default Was Proved Through Emails & Bank Records

Team India Managers Limited Vs Desai Agrifoods Private Limited (NCLT Ahmedabad) The National Company Law Tribunal admitted a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor after finding that the existence of financial debt and default had been established through documentary evidence. The petition was filed by the financial creditor seeking initiation of CIRP against the corporate debtor for default in repayment of financial debt amounting to Rs. 1,14,36,758/-, including i...