The National Company Law Tribunal (NCLT), New Delhi, has admitted an application filed by the State Bank of India (SBI) under Section 7 of the (IBC), thereby initiating the Corporate Insolvency Resolution Process (CIRP) against Giga Pipe Systems India Pvt. Ltd. The application was based on a financial debt default exceeding Rs. 45 Crores.
SBI, the financial creditor, argued that Giga Pipe Systems, the corporate debtor, had defaulted on an aggregate sum of Rs. 45,06,15,949.53 as of April 30, 2025, with the default occurring on October 11, 2022. The bank supported its claim with documents including sanction letters, loan agreements, account statements, a loan recall notice, and the debtor’s own provisional balance sheets…