NCLT admits separate insolvency petitions in India

The National Company Law Tribunal (NCLT) has admitted two distinct insolvency petitions in India involving different sectors and legal arguments.

In Chennai, the NCLT admitted a petition filed by Shriram Finance Limited against Karthik Travels Private Limited under Section 7 of the Insolvency and Bankruptcy Code. The creditor reported a default amount of approximately ₹23.55 crore. The corporate debtor attempted to challenge the petition under Section 10A, arguing that the defaults occurred during the protected COVID-19 moratorium period. However, the Tribunal noted that defaults existed both before and after the statutory suspension.

In Jaipur, the NCLT admitted a petition against SBCC Infra Private Limited filed by Parmod Sharma Contractors. The operational creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) over unpaid dues totaling ₹5.14 crore related to railway construction subcontracting work in Madhya Pradesh. The Tribunal found that the creditor successfully established the existence of debt and default without any pre-existing disputes.