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NCLAT upheld the lower tribunal's order, rejecting the Corporate Debtor's challenge to a Section 7 insolvency application. The tribunal found that pre-equated monthly installments (PEMI) were payable immediately after loan disbursement, constituting a valid default. The court determined that the financial creditor met all statutory requirements, including debt existence, default proof, and threshold amount. The appellant failed to provide concrete evidence of impropriety, and the original Section 7 application was deemed properly adjudicated. Consequently, the appeal was dismissed without merit, affirming the initial insolvency proceedings against the Corporate Debtor.
NCLAT upheld the lower tribunal's order, rejecting the Corporate Debtor's challenge to a Section 7 insolvency application. The tribunal found that pre-equated monthly installments (PEMI) were payable immediately after loan disbursement, constituting a valid default. The court determined that the financial creditor met all statutory requirements, including debt existence, default proof, and threshold amount. The appellant failed to provide concrete evidence of impropriety, and the original Section 7 application was deemed properly adjudicated. Consequently, the appeal was dismissed without merit, affirming the initial insolvency proceedings against the Corporate Debtor.
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