In a recent ruling, the National Company Law Tribunal (NCLT), Cuttack Bench, admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by a financial creditor against the corporate debtor for a default of ₹16.53 crore arising from a loan agreement dated 30 September 2020.
Financial creditor, In2IT Systems & Services Pvt. Ltd. (formerly Alpha Codes IT Solutions Pvt. Ltd.) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against In2IT Technologies Pvt. Ltd.
The dispute arose from a loan agreement dated 30 September 2020, under which the creditor…