DRT Order Setting aside NPA Classification Does not Negate Existence of Financial Debt: NCLT [Read Order]
The tribunal accepted the Section 7 petition and determined that the two main requirements for accepting a Section 7 petition under the IBC are the presence of financial debt or the occurrence of default.
The New Delhi bench of the National Company Law Tribunal (NCLT) ruled that the existence of financial debt or the occurrence of default—the two main requirements for admitting a Section 7 petition under the Insolvency & Bankruptcy Code (“the code”)—are not negated by a Debt Recovery Tribunal (DRT) order that invalidates an NPA classification. CENVAT…
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