NCLAT upholds NCLT Mumbai's dismissal of Progfin's Section 7 IBC petition against Ganesh Benzoplast Ltd, citing fraud and document discrepancies.
Appellant Progfin claimed Rs 15.44 crore debt from loan facility extended to GBL Chemical, guaranteed by Ganesh Benzoplast, but disbursed to disputed SBI account.
Tribunal found multiple versions of Facility Agreements and Guarantee Deeds with inconsistent dates and signatures, and Board Resolutions contradicting official company records.
Surrounding circumstances including FIRs, charge-sheets, and civil suits indicated fraudulent transactions, limiting NCLT's summary jurisdiction under IBC.