NCLT Admitted Insolvency Due to Proven Loan Default Despite Unstamped Agreement

R. K. Purushothaman Vs DE Grande Sports Private Limited (NCLT Mumbai) The National Company Law Tribunal (NCLT), Mumbai, considered an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of Corporate Insolvency Resolution Process (CIRP) against a corporate debtor for a default amount of ₹3.62 crore, including a principal sum of ₹2.95 crore. The financial creditor, an individual, had disbursed the loan in multiple tranches between July 2021 and March 2022 under a loan agreement dated 09.09.2020, carrying interest at 8% per annum. The corporate deb...