National Company Law Tribunal, Mumbai: In an application filed by EnQuest PetroSolutions Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with seeking initiation of Corporate Insolvency Resolution Process (CIRP), the two-member Bench of Nilesh Sharma (Judicial Member) and Sameer Kakar (Technical Member) observed that from the evidence and materials, it was clear that there was existence of the financial debt exceeding the minimum threshold of Rs.1 Crore prescribed under Section 4 of the IBC due and payable by the respondent as well as the default in repayment thereof by the respondent.
The Tribunal observed that all the pre-requisites of application filed under Section 9 of IBC by the applicant for…