Application u/s 7 of IBC cannot be Rejected by NCLT Unless Debt has not Become Due & Payable: Supreme Court

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The Supreme Court has held that the National Company Law Tribunals (NCLT) cannot reject applications under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) unless the debt has not become due & payable. M Suresh Kumar Reddy, the NCLT admitted an application by Canara Bank under Section 7 of the IBC against Kranthi…

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