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NCLAT upheld the Adjudicating Authority's order admitting the Section 7 application. The Tribunal found no merit in the Corporate Debtor's arguments challenging the application, specifically ruling that: (1) Section 10A does not bar applications for defaults post-prohibited period, (2) the Acquisition Agreement was void due to non-compliance with consent requirements, (3) the Adjudicating Authority had jurisdiction to examine the Agreement's validity, and (4) financial debt and default were conclusively established. The Tribunal rejected all contentions raised by the appellant and dismissed the appeal, thereby confirming the original Section 7 application's admission.
NCLAT upheld the Adjudicating Authority's order admitting the Section 7 application. The Tribunal found no merit in the Corporate Debtor's arguments challenging the application, specifically ruling that: (1) Section 10A does not bar applications for defaults post-prohibited period, (2) the Acquisition Agreement was void due to non-compliance with consent requirements, (3) the Adjudicating Authority had jurisdiction to examine the Agreement's validity, and (4) financial debt and default were conclusively established. The Tribunal rejected all contentions raised by the appellant and dismissed the appeal, thereby confirming the original Section 7 application's admission.
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