Section 7 IBC Petition Admitted as Balance Sheets & OTS Acknowledged Debt

Central Bank of India Vs Deepak Education Limited (NCLT Mumbai) The National Company Law Tribunal (NCLT), Mumbai admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the financial creditor for initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The financial creditor claimed a default of ₹44.68 crore, comprising principal, accrued interest, penal interest, and after adjusting recoveries. The date of default was stated to be 31.03.2015, following the corporate debtor’s failure to repay a term loan s...