Supreme Court dismisses appeal, upholds tribunal order allowing insolvency proceedings against debtor company The SC upheld the National Company Law Appellate Tribunal's order regarding a petition for initiation of CIRP. The court examined issues of admissibility, ...
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Supreme Court dismisses appeal, upholds tribunal order allowing insolvency proceedings against debtor company
The SC upheld the National Company Law Appellate Tribunal's order regarding a petition for initiation of CIRP. The court examined issues of admissibility, validity of financial creditor's demand for interest and principal repayment, existence of debt and default, and time limitations. Finding no grounds to interfere with the appellate tribunal's decision, the SC dismissed the civil appeal, affirming the lower tribunal's ruling on the insolvency proceedings.
The Supreme Court, with Hon'ble Justices J. B. Pardiwala and R. Mahadevan presiding, condoned the delay in filing. Upon hearing Senior Counsel for the appellant and reviewing the record, the Court found "no good reason to interfere with the impugned order passed by the National Company Law Appellate Tribunal." Consequently, the Civil Appeal was dismissed, and all pending applications were disposed of.
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