Corporate LawsLaw Report
NCLT admits ₹5.76 crore insolvency plea against Kult App, rejecting loan authorization objection after acceptance and interest payments.
The National Company Law Tribunal [NCLT] Mumbai has admitted an application for initiation of insolvency proceedings filed by Capri Global Holdings Private Limited against Kult App Private Limited concerning a default of ₹5.76 crore, stating that the Corporate Debtor can no longer take refuge in the loan authorization objection once it has accepted the loan and paid interest thereon.
Capri Global…