# In the matter of IMOST Academy (India) Private Limited

> NCLT judgment dated 2026-04-28. Citation: TCN-2026-NCLT-00455. Axis Bank Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 28 Apr 2026
- **Citation:** TCN-2026-NCLT-00455
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/imost-academy-india-private-limited-6d670412

## Summary

### Background

Axis Bank Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. IMOST Academy (India) Private Limited, the Corporate Debtor. The petition alleged a default of Rs. 5,70,84,211.69/- as of February 22, 2026, which exceeded the prescribed threshold. The Corporate Debtor had availed various credit facilities from the Financial Creditor for setting up a training institute, and these loan accounts were classified as Non-Performing Assets (NPA) on June 29, 2024. The Corporate Debtor raised a defense, stating that the Financial Creditor had already initiated insolvency proceedings under Section 7 of the IBC against a guarantor, M/s. Euro

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## Facts

Axis Bank Limited (Petitioner/Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. IMOST Academy (India) Private Limited (Respondent/Corporate Debtor).

The Corporate Debtor is a private limited company incorporated under the Companies Act, 2013, with CIN U80302KL2014PTC037125, and is an educational institution in Ernakulam, Kerala.

In 2019, the Corporate Debtor availed credit facilities/financial assistance from the Financial Creditor for procurement of land, construction of buildings, and equipment for a training institute.

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor under Section 7 of the IBC, 2016, for …

**Ratio:** A petition under Section 7 of the IBC, 2016, is admissible if the existence of a

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**Reasoning:** The Petitioner, Axis Bank Limited, provided evidence of financial debt through sanction

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**Interpretation:** The Adjudicating Authority's role at this stage is limited to verifying the

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**Application:** Based on the material available on record, the Adjudicating Authority was

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## Parties

- **Judges:** Shri. Vina…
- **Appellants:** Axis Ban…
- **Respondents:** M/s. IMOST…
- **Other parties:** AAA Insolvency…
- **Advocates:** Irshan Rav…; Aravind Sre…

## Timeline

- **2019-10-17 — Sanction Lette…**: Sanction letter for credit facilities…
- **2019-10-28 — Term Loan and Working…**: Term Loan Agreement (Annexure A8) and Working Capital Loan Agreement for primary…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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