NCLT Ahmedabad rejected Gayatri Engimech's Section 7 IBC petition against Specific Glass Mosaic India Ltd for ₹1.06 crore default.
Tribunal found the unregistered, unstamped MOU invalid and questioned applicant's status as financial creditor under IBC.
Respondent successfully argued petition was time-barred and violated Gujarat Money Lenders Act registration requirements.
Court noted potential collusive nature as parties appeared related per corporate debtor's balance sheet.