"We are of the considered view that the operational creditor has been able to establish the existence of an operational debt and its default having been committed by the corporate debtor," said a division bench of judicial member Kuldip Kumar Kareer and technical member Anuradha Sanjay Bhatia. "The application is also within time. Therefore, the application deserves to be admitted."
In its petition against Cyquator Media, IDBI Trusteeship had invoked the provisions of Section 7 Insolvency and Bankruptcy Code read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for resolution of financial debt worth ₹599 crore.
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