NCLT admitted SIDBI’s insolvency application against a media company based on NeSL’s deemed-authenticated record showing ₹2.52 crore default in financial debt.
The National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by SIDBI against a media company, initiating the Corporate Insolvency Resolution Process (CIRP) after the National E-Governance Services Limited (NeSL) submitted a deemed-authenticated record of default amounting to ₹2.52 crore.
The NeSL information utility record was treated as legally valid evidence under Section 218 of the Insolvency and Bankruptcy Code (IBC), establishing the existence and admission of financial debt. The tribunal held that such records create a rebuttable presumption of debt, and the corporate debtor failed to produce contrary evidence.
Implication: This reinforces NeSL’s evidentiary role in IBC proceedings. Legal practitioners should treat NeSL records as presumptive proof of debt unless promptly challenged with credible rebuttal evidence during admission hearings.
Citations
- Insolvency and Bankruptcy Code, 2016, Section 218
