The Tribunal initiated CIRP proceedings after the borrower acknowledged the loan and default, confirming the existence of a financial debt under Section 7 of the IBC.
The Tribunal admitted an insolvency application after finding that the debtor failed to pay dues despite completion of consultancy services and no bona fide dispute existed.
Since the existence of financial debt and default was undisputed and all procedural requirements under Section 7 were satisfied, the petition of Corporate Insolvency Resolution Process (CIRP) against Labhanshi Multitrade Private Limited (Corporate Debtor) deserved admission.
The Tribunal held that a loan advanced through cheque and supported by acknowledgments qualifies as a financial debt under IBC even without a written loan agreement.
NCLT Mumbai found Section 10 petition complete, with no pending disciplinary issues against proposed IRP, and ordered commencement of CIRP for Comp-Print Kalpana Private Limited.
The NCLT Delhi directed liquidation of Auto Needs (India) Pvt. Ltd. under Section 33(2) of the IBC after the CoC, with 100% votes, found no viable resolution plan.
NCLT Delhi admitted R.J. Packwells Pvt. Ltd.’s application under Section 9 of the IBC against Maurya Printers for ₹2.20 crore default, declaring moratorium and appointing an IRP.
NCLT Ahmedabad waived the one-tenth shareholding requirement under Section 244(1)(a), allowing former ICEX promoters to proceed with an oppression and mismanagement petition.
NCLT Kochi orders liquidation of the Corporate Debtor [M/s. Malayalam Vehicles India Pvt. Ltd.] as duly approved by CoC and Resolution Professional of Corporate Debtor appointed as Liquidator to carry out Liquidation Process as per the approval of CoC.
NCLT Mumbai held that resolution plan for Corporate Debtor as submitted by M/s. West End Investment and Finance Consultancy P. Ltd. is approved u/s. 31(1) of IBC since the same is duly approved by CoC and meets the requirements of IBC and the IBBI Regulations.
