The National Company Law Tribunal (NCLT), Bengaluru Bench, consisting of Shri. Sunil Kumar Aggarwal, Member (Judicial), and Shri. Radhakrishna Sreepada, Member (Technical), admitted a petition filed under Section 7 of the IBC, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Redwoods Infrastructure Private Limited. The tribunal reiterated that insufficiently stamped/unstamped agreements do not present a bar to a Section 7 application. The tribunal also observed that the mere fact that the debt is disputed does not affect the application, as long as the debt is due.
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