Nagpur Nagarik Sahakari Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Mr. Aashish Kadam. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application. Mr. Aashish Kadam appealed against this order. The Appellant's counsel argued that the document extending the Secured Cash Credit Facility to the Corporate Debtor was unstamped. The Appellant initially expressed willingness to pay Rs.7,66,00,000/-, but later stated inability to make the payment. The Adjudicating Authority admitted the application under Section 7 based on a mortgage by deposit of title deed and other materials proving the financial debt.

Nagpur Nagarik Sahakari Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Mr. Aashish Kadam. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application. Mr. Aashish Kadam appealed against this order. The Appellant's counsel argued that the document extending the Secured Cash Credit Facility to the Corporate Debtor was unstamped. The Appellant initially expressed willingness to pay Rs.7,66,00,000/-, but later stated inability to make the payment. The Adjudicating Authority admitted the application under Section 7 based on a mortgage by deposit of title deed and other materials proving the financial debt.