Section 7 application filed by the Financial Creditor was ...

Section 7 application wrongly rejected despite debt & default. Assignment failed, liability remained. Interim injunction irrelevant for CIRP.

July 15, 2024

Case Laws Insolvency and Bankruptcy AT

Section 7 application filed by the Financial Creditor was erroneously rejected by the Adjudicating Authority despite debt and default by the Corporate Debtor. The assignment agreement did not materialize, and the Corporate Debtor remained liable. The interim injunction order by the Commercial Court had no bearing on the continuance of Section 7 proceedings. The NCLAT held that the Adjudicating Authority should have admitted the Section 7 application and initiated CIRP against the Corporate Debtor. The NCLAT set aside the dismissal order and directed the Adjudicating Authority to admit the Section 7 application within 30 days.

View Source

← Previous Next →

Section 7 application filed by the Financial Creditor was ...

Section 7 application wrongly rejected despite debt & default. Assignment failed, liability remained. Interim injunction irrelevant for CIRP.

July 15, 2024

Case Laws Insolvency and Bankruptcy AT

You may also like:

Section 7 application rejected as barred by Section 10A of IBC. Supreme Court held no bar in amending pleadings or filing additional documents u/s 7, but present case...

Admission of Section 7 Application - CIRP - The case involved an appeal by a suspended director of a corporate debtor against the admission of a Section 7 application by...

Corporate debtor filed a reply to the financial creditor's Section 7 application in December 2023, but moved an application u/s 8 for reference to arbitration only on...

The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

NCLAT upheld the admission of Section 7 application under IBC, confirming the existence of financial debt and default by corporate debtor. The tribunal rejected...

The Appellate Tribunal dismissed the appeal, holding that the Section 7 application filed by the Financial Creditor was not barred by Section 10A of the Insolvency and...

Determining the maintainability of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) based on the date of default and the applicability of...

Financial debt established through ledger entries and corporate debtor's admission. Section 7 application not time-barred due to corporate debtor's promise to repay u/s...

Rejection of claims which are delayed - When an Application under Section 7 cannot be entertained for a debt, which is barred by time and is liable to be rejected, any...

The appellant challenged the dismissal of its application filed u/s 7 of the Code by the Adjudicating Authority. The key issues were: existence of debt and default,...

The National Company Law Appellate Tribunal (NCLAT) dismissed the appeal, upholding the order admitting the Section 7 application filed by ICICI Bank against the...

Adequate notice provided to appellant, failed to appear despite multiple opportunities. Demise explanation lacks merit, directors could have pursued matter. No violation...

This legal summary concerns the maintainability of a Section 7 application for initiating the Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor....

NCLAT held that the Adjudicating Authority erroneously extended the limitation period based on an arbitral award without a formal amendment to the Section 7 application....

This case pertains to the precedence and priority of consideration between an application filed u/s 54(C) and Section 7 of the Insolvency and Bankruptcy Code (IBC)...

Quick Updates: