The National Company Law Tribunal (NCLT) has allowed an insolvency petition filed against a real estate company. Background: The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by a financial creditor seeking to initiate corporate insolvency resolution process against the real estate company. Parties: The petitioner was a financial creditor who had extended a loan to the real estate company, while the respondent was the real estate company itself. Legal issues: The key issue before the NCLT was whether the financial creditor had fulfilled the requirements under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency process. Court observations: The NCLT observed that the financial creditor had provided sufficient evidence to prove that the real estate company had committed a default in repayment of the debt. Significance: The order highlights the importance of providing sufficient evidence to prove default in repayment of debt to initiate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016.