NCLT Mumbai Bench admits Section 7 IBC application against Galaxy IEC India for default on Rs 4.78 crore debt.
Tribunal rules Rs 3.36 crore disbursement constitutes financial debt, rejecting corporate debtor's share application money defense.
Moratorium declared under Section 14; Krishna Gopal Maheshwari appointed as Interim Resolution Professional.
Applicant directed to deposit Rs 3 lakh for initial CIRP costs; corporate debtor found in default exceeding Rs 1 crore threshold.