NCLT Ahmedabad rejected an insolvency application filed by Gayatri Engimech against Sisa Mosaic for a default of ₹3.58 crore.
The tribunal found the applicant did not qualify as a financial creditor and the supporting MOU was an invalid, unstamped document.
The respondent successfully argued the petition was time-barred and the loan was impermissible under state money lending laws.
The order highlighted non-compliance with Companies Act provisions and raised concerns about a potential collusive petition.