NCLT Mumbai dismissed a Section 7 IBC petition filed by Infinite Pinnacle Pvt Ltd against Mart Overseas Pvt Ltd over a ₹1.24 crore default.
The tribunal found the application fraudulent, noting neither party accounted for interest in their books despite a 24% p.a. compound interest claim.
Mart Overseas was found to have contingent liabilities of ~₹250 crore from criminal cases and tax demands, with minimal business operations.
The tribunal imposed a cost of ₹1 lakh on the applicant creditor for filing a petition for purposes other than resolution.