Even if facility agreement(mortgage by deposit of title deed) was not stamped, an application u/s 7 of IBC can be admitted if other materials on the record are available which clearly prove the financial debt – Mr. Aashish Kadam & Anr. Vs. Nagpur Nagarik Sahakari Bank Ltd. & Anr. – NCLAT New Delhi
NCLAT held that one of the facts which has been noticed is that present is a case of mortgage by deposit of title deed. Even if the facility agreement was not stamped, there was other materials on the record which clearly prove the financial debt which was owed by the Appellant, hence, we do not find any error in the order of the Adjudicating Authority admitting the Application under Section 7. We, thus, are of the view that there is no merit in the Appeal and Appeal deserves to be dismissed.