Mumbai NCLT Rejects Israel Discount Bank’s Insolvency Plea Against Hella Infra Market Over ₹69.20 Crore Claim
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has rejected a plea filed by Israel Discount Bank Limited seeking initiation of insolvency proceedings against Thane-based Hella Infra Market Limited, holding that the bank failed to establish that the alleged liability constituted a “financial debt” under the Insolvency and Bankruptcy Code (IBC). The bench presided over by…
Mumbai's National Company Law Tribunal (NCLT) has dismissed a plea from Israel Discount Bank seeking insolvency proceedings against Thane-based Hella Infra Market. The tribunal ruled that the bank could not establish the alleged liability as a "financial debt" under the Insolvency and Bankruptcy Code (IBC). The decision came on October 6, 2026, with judicial member Nilesh Sharma and technical member Sameer Kakar presiding.
The dispute stems from a transaction involving Hella Singapore and Israeli company P. Marom Construction Services Ltd. Israel Discount Bank claimed a debt of USD 7.80 million (around Rs 69.20 crore), but the tribunal found that the bank had not established the debt as a financial debt owed by Hella Infra Market.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
