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of <h1>Section 7 IBC admission remanded for forensic and transactional audit to determine precise corporate financial debt quantum</h1> <h3>Pankaj Udeshi, Suspended Director Of Supreme Innovative Building Projects Pvt. Ltd. And Others Versus Srei Equipment Finance Limited And Another.</h3> SC upheld that the quantum of corporate/financial debt can be finally determined after completion of transactions/forensic audit; the appeal against ... Determination of quantum of corporate debt/financial debt - HELD THAT:- It is clarified that the quantum of corporate debt/financial debt may be finally determined after transactions/forensic audit is conducted” is with reference to Civil Appeal No. 4098/2024, which was the appeal challenging the admission of petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The miscellaneous applications are disposed of. The Court clarifies that the observation 'we clarify that the quantum of corporate debt/financial debt may be finally determined after transactions/forensic audit is conducted' refers specifically to Civil Appeal No. 4098/2024, which challenged admission of a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. That observation is expressly held not to be in connection with Civil Appeal Nos. 4319-4321/2024, which concern the transfer of a petition under Section 7 of the Code. Miscellaneous applications are disposed of, and pending application(s), if any, stand disposed. The order further specifies that it will not 'in any way, curtail the right of the non-applicants/appellants to file an appropriate application in other case(s).' The clarification confines the earlier remark about determination of corporate/financial debt quantum to the specified appeal and preserves parties' rights to pursue appropriate applications elsewhere.
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