Bank of India, a Financial Creditor, filed an application under Section 7 of the IBC against Sukriti Hospital and Research Centre Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed credit facilities for its hospital business, which were subsequently declared a Non-Performing Asset (NPA) on 31.05.2019 due to payment defaults. A Debt Recovery Tribunal (DRT) in Ranchi issued a recovery certificate on 14.02.2024 for the outstanding amount of Rs. 6,78,94,418.87. The Corporate Debtor disputed the debt, arguing that the underlying lease deed for the project land was void ab initio under the Chotanagpur Tenancy Act, rendering the project legally impermissible. They also alleged fraudulent

Bank of India, a Financial Creditor, filed an application under Section 7 of the IBC against Sukriti Hospital and Research Centre Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed credit facilities for its hospital business, which were subsequently declared a Non-Performing Asset (NPA) on 31.05.2019 due to payment defaults. A Debt Recovery Tribunal (DRT) in Ranchi issued a recovery certificate on 14.02.2024 for the outstanding amount of Rs. 6,78,94,418.87. The Corporate Debtor disputed the debt, arguing that the underlying lease deed for the project land was void ab initio under the Chotanagpur Tenancy Act, rendering the project legally impermissible. They also alleged fraudulent