The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has upheld the dismissal of a Section 7 insolvency petition filed by the appellant. The Tribunal found that the loan and guarantee documents linked to an SBI account were riddled with discrepancies, alleged fabrications, and subject to multiple FIRs and civil suits.
The appeal arose from an order dated 01.09.2025 of the NCLT Mumbai Bench‑V, which had refused to admit the respondent, Ganesh Benzoplast, into Corporate Insolvency Resolution Proceedings (CIRP) on the ground that the lending transaction was tainted by fraud.
The appellant, Progfin, a non‑banking financial company and subsidiary of Desiderata Impact Ventures,…