In a recent case, the Mumbai bench of the National Company Law Tribunal(NCLT) has held that application under section 7(5) of the Insolvency & Bankruptcy Code 2016 (‘the Code’) cannot be Rejected due to non furnishing of NeSL when existence of debt and default by Corporate Debtor is established
The Applicant, M/s. Goyal Achal Sampatti Vikas and Niyojan Nigam Limited (“Financial Creditor” or “the Petitioner”), on 30.03.2025 against the Respondent- Quanteco World Limited (“Corporate Debtor”), under Section 7 of the Insolvency & Bankruptcy Code 2016 (‘the Code’) r/w Rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, seeking commencement of the Corporate Insolvency…