2025 (7) TMI 720 - SCH - IBC

Admission of section 7 application - Validity of assignment agreement executed by Allahabad Bank in favour of Pegasus - application filed by Pegasus under Section 7 was barred by limitation or not - discharge of debt of financial creditor stands fulfilled by depositing the principal amount as mentioned in Part IV of Section 7 application by the appellant in the order of this Tribunal or not - HELD THAT - There is no good reason to interfere with the impugned order dated 01.05.2025 passed by the National Company Law Appellate Tribunal Principal Bench New Delhi. Appeal dismissed.

Summary

The Supreme Court, with Hon'ble Justices J. B. Pardiwala and R. Mahadevan presiding, dismissed the appeal against the National Company Law Appellate Tribunal's order dated 01.05.2025. The Court found "no good reason to interfere with the impugned order," thereby upholding the Tribunal's decision. Consequently, the appeal was dismissed and any pending applications were disposed of.