Corporate LawsLaw Report
NCLT admits insolvency plea, holding bank records, financial statements and interest acknowledgments establish debt despite absence of written loan agreement.
The National Company Law Tribunal (NCLT),Allahabad, has accepted a ₹1.71 crore petition for insolvency against Megma RFID and Labels Private Limited on the ground that lack of a written agreement between the parties cannot bar financial creditors from proving debt under the Insolvency and Bankruptcy Code (IBC).
The financial creditors provided friendly loans to the…