Petition u/s. 7 admissible when interest amount exceeds 1 Crore: NCLAT Delhi

Rita Kedia Vs Ashika Global Securities Private Limited (NCLAT Delhi) NCLAT Delhi held that petition under section 7 of the Insolvency and Bankruptcy Code, 2016 admissible when interest amount demanded by Financial Creditor is more than INR 1 Crore since financial debt means a debt alongwith interest. Facts- The present appeal has been filed by the Suspended Director of M/s Evyavan Merchantile Private Limited against the order dated 02.11.2023 of National Company Law Tribunal, Mumbai Bench, Court-V whereby the petition u/s. 7 of the Insolvency and Bankruptcy Code, 2016 filed by the M/s Ashika G...