M/s. Four Square Homes Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Sreemitra Townships Private Limited, the Corporate Debtor. The National Company Law Tribunal (NCLT), Hyderabad Bench-1, found that the averments and descriptions in the application were not in consonance with the legal requirements for an application under Section 7 of the IBC. Consequently, the NCLT rejected the application but granted the petitioner the liberty to file a proper company petition. The order was issued without costs.

M/s. Four Square Homes Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Sreemitra Townships Private Limited, the Corporate Debtor. The National Company Law Tribunal (NCLT), Hyderabad Bench-1, found that the averments and descriptions in the application were not in consonance with the legal requirements for an application under Section 7 of the IBC. Consequently, the NCLT rejected the application but granted the petitioner the liberty to file a proper company petition. The order was issued without costs.