https://www.taxtmi.com/caselaws?id=456344 The NCLT Mumbai admitted a section 7 application filed by a financial creditor against a corporate debtor for default of Rs. 886 crores. The tribunal established that the creditor had sanctioned and disbursed loan facilities, the debt qualified as financial debt under section 5(8) of the Code, and the debtor had defaulted under section 3(12). Finding all statutory formalities completed and no response from the debtor, the tribunal admitted the petition. Moratorium provisions under section 14 became operative, prohibiting institution of suits and transfer/encumbrance of debtor's assets. en-us Fri, 20 Apr 2018 00:00:00 +0530 Thu, 18 Jul 2024 19:46:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456344 The NCLT Mumbai admitted a section 7 application filed by a financial creditor against a corporate debtor for default of Rs. 886 crores. The tribunal established that the creditor had sanctioned and disbursed loan facilities, the debt qualified as financial debt under section 5(8) of the Code, and the debtor had defaulted under section 3(12). Finding all statutory formalities completed and no response from the debtor, the tribunal admitted the petition. Moratorium provisions under section 14 became operative, prohibiting institution of suits and transfer/encumbrance of debtor's assets. Case-Laws Insolvency and Bankruptcy Fri, 20 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456344