The National Company Law Tribunal (NCLT), Indore Bench, has admitted a Section 7 application filed by HDFC Bank Limited against Shri Bhagwati Agro Industries Private Limited, leading to the initiation of a Corporate Insolvency Resolution Process (CIRP) citing clear acknowledgment of liability..
The application was filed by HDFC Bank Limited (“Financial Creditor”) under Section 7 of the Insolvency and Bankruptcy Code, 2016, for an alleged financial debt of Rs. 10,44,03,044.07. The petitioner asserted that it had extended various credit facilities to the Corporate Debtor for its working capital requirements over several years. The account was classified as a Non-Performing Asset (NPA) on July 28, 2024, and subsequent…