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NCLAT upheld NCLT's decision to admit Corporate Debtor into CIRP under Section 7 of IBC, 2016. The Corporate Debtor's challenge regarding improper notice service was rejected as notice was effectively served through multiple channels including newspaper publications, speed post, and email. The debt and default were verified through Information Utility (NeSL) records, with authenticated default submission showing no response from Corporate Debtor. The Tribunal found all essential requirements for Section 7 admission were met: existence of debt, default in repayment, and application within limitation period. Corporate Debtor's non-commitment to debt repayment during proceedings further supported the admission decision. Appeal dismissed, confirming validity of CIRP initiation.
NCLAT upheld NCLT's decision to admit Corporate Debtor into CIRP under Section 7 of IBC, 2016. The Corporate Debtor's challenge regarding improper notice service was rejected as notice was effectively served through multiple channels including newspaper publications, speed post, and email. The debt and default were verified through Information Utility (NeSL) records, with authenticated default submission showing no response from Corporate Debtor. The Tribunal found all essential requirements for Section 7 admission were met: existence of debt, default in repayment, and application within limitation period. Corporate Debtor's non-commitment to debt repayment during proceedings further supported the admission decision. Appeal dismissed, confirming validity of CIRP initiation.
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