NCLT admits ₹1.71 crore insolvency plea against Megma RFID
In short
The NCLT admitted a ₹1.71 crore insolvency case against Megma RFID. The report says the tribunal found bank records, financial statements and interest acknowledgments enough to show the debt, even without a written loan agreement.
This matters because the insolvency process can now move forward. The reporting does not say who filed the case or what Megma RFID will do next.
What the reporting says
The NCLT admitted a ₹1.71 crore insolvency plea against Megma RFID, holding that written loan agreements are not mandatory for CIRP admission. Taxscan says the tribunal relied on bank records, financial statements and interest acknowledgments to establish the debt. The immediate consequence is that insolvency proceedings can move ahead, while further case details are not stated in the available reporting.
Why it matters
The NCLT admitted a ₹1.71 crore insolvency petition against Megma RFID and said a written loan agreement is not required for CIRP admission. According to the summary, bank records, financial statements and interest acknowledgments were enough to establish the debt. The reporting does not state the lender’s name, the tribunal’s full reasoning or the next procedural step.