The National Company Law Tribunal (NCLT) Kochi bench admitted the insolvency petition by Kotak Mahindra Bank against Inditrade Business Consultants Limited, holding that when a financial creditor establishes the existence of financial debt and default with supporting documents, the Adjudicating Authority is bound to admit the Section 7 petition despite disputes regarding pledged collateral, particularly when contractual risk allocation places the burden of loss on the pledgor.
Kotak Mahindra Bank Limited filed a petition under Section 7 of the IBC, seeking initiation of Corporate Insolvency Resolution Process against Inditrade Business Consultants Limited for a claimed default of Rs. 6,67,07,194.21 as of June 2, 2025….