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The NCLAT affirmed the NCLT's admission of the Section 7 application against the Corporate Debtor, holding that a legally enforceable financial debt existed and was due and payable as of the filing date. The One-Time Settlement with guarantors did not discharge the Corporate Debtor's liability, as the Bank neither issued a No Dues Certificate nor waived claims, continuing recovery proceedings and treating the debt as unpaid. The application was filed within the three-year limitation period under the Limitation Act. The Tribunal correctly exercised discretion under Section 7(5)(a) IBC, rejecting claims of solvency based solely on unapproved ongoing contracts. The appeal was dismissed, upholding the initiation of insolvency proceedings.
The NCLAT affirmed the NCLT's admission of the Section 7 application against the Corporate Debtor, holding that a legally enforceable financial debt existed and was due and payable as of the filing date. The One-Time Settlement with guarantors did not discharge the Corporate Debtor's liability, as the Bank neither issued a No Dues Certificate nor waived claims, continuing recovery proceedings and treating the debt as unpaid. The application was filed within the three-year limitation period under the Limitation Act. The Tribunal correctly exercised discretion under Section 7(5)(a) IBC, rejecting claims of solvency based solely on unapproved ongoing contracts. The appeal was dismissed, upholding the initiation of insolvency proceedings.
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