The tribunal reaffirmed that agreements that are not suitably stamped or unstamped do not exclude a Section 7 application.
The National Company Law Tribunal (NCLT), Bengaluru Bench, ruled that insufficiently stamped agreement is not a bar to admission of 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.
In order to grow its firm, the corporate debtor turned to the financial creditor Embassy Services Private Limited for…
