The National Company Law Tribunal (NCLT), Hyderabad Bench of Justice Shri. Rajeev Bhardwaj (Hon’ble Member) and Shri. Sanjay Puri – Hon’ble Member Technical has held that proving debt and default through records of default with the information utility is not mandatory. If debt and default are established through other evidence, a petition under Section 7 of the IBC can still be admitted.
The present application has been filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to default on commercial paper subscribed by the Applicant.
The Applicant submitted that Respondent is not a Financial Service…