The National Company Law Tribunal [NCLT], Amaravati Bench, an application under Section 7 of the Insolvency and Bankruptcy Code 2016 has been admitted by SREI Equipment Finance Limited against Vijay Mining & Infra Corp Private Limited, wherein it is held that there was enough evidence about the existence of financial debt and default in payment and the amount in default was above the statutory threshold of ₹1 crore.
Various financial facilities had been provided by SREI Equipment Finance to the Corporate Debtor under ten Master Facility Agreements, dated 15th May 2019. In the event of difficulty in payment, Terms of Settlement (ToS) had been executed between the parties on 30th November 2020, where the Corporate Debtor had…