The National Company Law Tribunal (NCLT) in Mumbai has dismissed an insolvency plea filed by UC Inclusive Credit Pvt. Ltd. against Ganesh Benzoplast Ltd.
It held that the application could not be admitted because the corporate guarantee relied upon by the lender is under challenge in multiple civil and criminal proceedings involving allegations of fraud and forgery.
A coram comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Sameer Kakar dismissed the plea seeking initiation of the corporate insolvency resolution process over an alleged default of about ₹6.25 crore.
“In view of the foregoing discussions, we are of the considered opinion that given the nature of fraud that may have been committed which itself is…