2025 (7) TMI 718 - SCH - IBC

Rejection of application under Section 7 filed by the appellant on the ground that the amount in question IFMS does not amount to financial debt - it was held by NCLAT that the finding of the Adjudicating Authority holding that amount in question i.e. IFMS does not amount to financial debt suffers from no infirmity. HELD THAT - There are no good reason to entertain this Civil Appeal which is accordingly dismissed.

Summary

The Supreme Court, in a bench comprising Hon'ble Mr. Justice Ujjal Bhuyan and Hon'ble Mr. Justice K. Vinod Chandran, addressed a Civil Appeal challenging the rejection of an application under Section 7 by the National Company Law Tribunal (NCLT), New Delhi. The NCLT had held that the amount in question, the Interest-Free Maintenance Security (IFMS), "does not amount to financial debt." This finding was affirmed by the National Company Law Appellate Tribunal (NCLAT). Upon review, the Supreme Court found no merit to interfere and thus dismissed the appeal, stating "no good reason to entertain this Civil Appeal." The Court also ordered that all pending applications stand disposed of. Delay in filing was condoned.