Petition u/s. 7 of IBC duly admissible on existence of ‘debt’ and ‘default’

Kotak Mahindra Bank Ltd. Vs Hybro Foods Private Limited (NCLT Mumbai) NCLT Mumbai held that petition under section 7 of Insolvency and Bankruptcy Code (IBC) duly admissible, as two essential qualification i.e. ‘debt’ and ‘default’ existed. Facts- This Company Petition is filed by Kotak Mahindra Bank Ltd (Financial Creditor) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Hybro Foods Private Limited, (Corporate Debtor) alleging that the Corporate debtor committed default in making payment to the Financial Creditor. This petition has been filed by invoking ...