Default is not dependent on Information Utility Record

Can a Section 7 application fail merely because the financial creditor has not filed an Information Utility record of default? Cuttack NCLT says no. Minaxi Suppliers established a ₹3.55 crore financial debt and default through the loan agreement, audited ledger, bank records and the corporate debtor’s own written acknowledgments. 

The Tribunal held that Section 7(3)(a) permits other specified records or evidence of default and rejected the objection. The petition was consequently admitted into CIRP.