Is an application under Section 7 of the IBC maintainable against the interest portion only? – Piramal Capital & Housing Finance Ltd. Vs. Sunblink Real Estate Pvt. Ltd. – NCLT Mumbai Bench
The Hon’ble NCLT Mumbai Bench held that the present petition has been filed on the basis of default in payment of interest on the amounts due arising for the period after the 10A period in terms of clause 4.1 and 4.2 of Loan Agreement. The said amount in default is in excess of Rs. 1.00 crores and default is stated to have taken place on 12.02.2024 i.e. after 15 working days subsequent to the issuance of the Demand Notice dated 25.01.2024. There has been a financial debt in respect of which default has been committed by the Corporate Debtor and further that the Application has been filed within the period of limitation. Therefore, the Application u/s 7 of the Code, deserves to be admitted.