Section 7 Petition admitted on account of repayment default

The Hyderabad Bench of the NCLT admitted a Section 7 application filed by Aditya Birla Capital Limited against Spectra India Eco Projects Private Limited after finding clear evidence of financial debt and repayment default exceeding the statutory threshold under the Insolvency and Bankruptcy Code, 2016. 

The Tribunal held that the loan documents, security creation records, account statements and recall notices conclusively established both debt and default. In the absence of any rebuttal from the corporate debtor, CIRP was admitted and moratorium was declared.