NCLT admits ₹1.14 crore insolvency plea without written loan deal
In short
The NCLT admitted a ₹1.14 crore insolvency plea even though there was no written loan agreement. It relied on account confirmation and part-payments to show financial debt and extend the time limit.
The tribunal treated the records as enough support for the claim.
What the reporting says
The NCLT admitted a ₹1.14 crore insolvency plea despite no written loan agreement, holding that account confirmation and part-payments established financial debt and extended limitation. The order strengthens the creditor’s claim and keeps the insolvency proceeding alive.
Why it matters
The NCLT admitted an insolvency petition for ₹1.14 crore without a written loan agreement, relying on account confirmation and part-payments to establish financial debt and extend limitation. The ruling supports the creditor’s case and allows the insolvency matter to proceed. It is relevant to the parties involved in the debt dispute and to insolvency practice more broadly.