The National Company Law Tribunal (NCLT) Mumbai Bench has allowed an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Bank of India initiating the Corporate Insolvency Resolution Process (CIRP) after finding clear evidence of financial debt and default exceeding the statutory threshold.
The Bank of India had extended financial assistance to the Corporate Debtor, Neurostar Hospital Private Limited in the form of a term loan of ₹20.45 crore in 2020 and a working capital term loan of ₹5.85 crore in 2022 under the GECL scheme amounting to an exposure of ₹26.30 crore. These amounts were secured through tangible assets and equitable mortgage of immovable property located in Pune.
…