IBC Section 7 application permitted even if loan agreement is insufficiently stamped

Embassy Services Private Limited Vs Redwoods Infrastructure Private Limited (NCLT Bengaluru) NCLT Bengaluru held that insufficiently stamped/ unstamped agreements do not present a bar to a Section 7 application under Insolvency and Bankruptcy Code, 2016. Thus, since default in payment of financial debt established, application u/s. 7 admitted. Facts- The present Petition has been filed u/s. 7 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 on 22.09.2023 by M/s. Embassy Services Private Limited (‘Petit...