Invent Assets Securitisation & Reconstruction Private Limited, a financial creditor of the Reliance Housing Finance Limited has filed a Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against the Company before the National Company Law Tribunal, Mumbai bench for a claim amount of ₹ 7,80,98,017/- (including interest).
Section 7 of the IBC outlines the initiation of the Corporate Insolvency Resolution Process (CIRP) by a financial creditor against a corporate debtor when a default has occurred.
NCLT will have to ascertain the existence of a default from the records of an information utility or based on other evidence…
