Section 7 Application Admitted: Financial Debt & Default Proven by Corporate Debtor

Canara Bank Vs Syska E-Retails LLP (NCLT Mumbai) NCLT Mumbai held that application under section 7 of the Insolvency and Bankruptcy Code [IBC] deserves to be admitted once it is proved that there is financial debt in respect of which default has been committed by the Corporate Debtor. Facts- This Company Petition has been filed by Canara Bank (“Financial Creditor”), is seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against M/S Syska E-Retails LLP. (“Corporate Debtor”) by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code, 20...