The National Company Law Tribunal (NCLT) Kolkata bench admitted Rs 2,888 Cr Insolvency petition by Canara Bank against Gupta Power Infrastructure, holding that when a financial creditor consortium establishes a valid default exceeding the threshold limit under Section 4 of the IBC, supported by proper authorization and undisputed evidence of debt, the Adjudicating Authority is bound to admit the Section 7 petition and initiate the Corporate Insolvency Resolution Process (CIRP).
The present petition was filed by Canara Bank Ltd. & Ors. (a consortium of 10 financial creditors) under Section 7 of the IBC, seeking CIRP against Gupta Power Infrastructure Ltd. for a claimed default of ₹2,888.11 crore as of December 20, 2023….