Application u/s 7 of Insolvency Bankruptcy Code can be admitted when Debit and default against Corporate Debtor is Available: NCLAT

The court observed that there was debt and default against the Corporate Debtor, which is an admitted fact, and no error has been committed by the Adjudicating Authority in admitting the Section 7 application.
Application us 7 of Insolvency Bankruptcy Code - Debit - Corporate Debtor - NCLAT - TAXSCAN

The Principal Bench of the National Company Law Appellate Tribunal(NCLAT) has held that  application under section  7 of the Insolvency Bankruptcy Code can be admitted when Debit and default against Corporate Debtor is Available. An Application was filed under Section 7 Respondent – SREI Equipment Finance Limited, has been filed aggrieved by order dated 20.12.2023…

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