Axis Bank, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against GVK Power for default of over ₹400 crores of money, ₹442,20,14,321 to be precise.
While admitting the plea, the NCLT had held that through the application of Axis Bank, it was able to show default in the repayment of debt, which was over ₹1 crore.
Source: Barandbench
