Insolvency Law – NCLAT holds that loan agreement is not the only document relevant to establish the existence of debt and default

The Chennai bench of the National Company Law Appellate Tribunal (“NCLAT”) in Ashique Ponnamparambath, Member of Suspended Board of Directors of The Corporate Debtor, Platino Classic Motors (India) Pvt Ltd v. The Federal Bank Limited held that merely because the term loan agreement was insufficiently stamped, it did not preclude the financial creditor from filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”).

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