All Posts

In a significant insolvency ruling, the Hon’ble NCLAT has set aside the admission of a CIRP against Genesis Infratech Pvt. Ltd., holding that the statutory default threshold under Section 7 of the IBC was not met. Genesis had availed three term loans from Tourism Finance Corporation of India Ltd. (TFCI). A prepayment of ₹5 Crores made by Genesis was adjusted only against one facility instead of proportionately across all three, inflating the alleged default to over ₹1 Crore.

Introduction: The Insolvency and Bankruptcy Code, 2016 ("IBC") lays down clear timelines regarding how insolvency matters shall move...