In a recent ruling, the National Company Law Tribunal (NCLT), Mumbai Bench, admitted a company into the Corporate Insolvency Resolution Process (CIRP) over a ₹3.62 crore loan default, rejecting objections related to stamping, NeSL authentication, and default date inconsistencies.
The application was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by a financial creditor who had disbursed ₹2.95 crore between July 2021 and March 2022 to support the company’s working capital needs. The loan carried 8% annual interest and was backed by a corporate guarantee and a demand promissory note.
The applicant, R. K. Purushothaman, stated that the loan of ₹2.95 crore was disbursed under a …