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NCLAT allowed the appeal and set aside the impugned admission order under Section 7 of the IBC. The Tribunal held the Section 7 petition unsustainable because the respondent failed to establish status as a financial creditor; the purported assignment by the co-operative bank was unlawful and was withdrawn, and the AA erred in admitting the CIRP application without considering the co-operative bank's pending application and averments. The Tribunal found the respondent's OTS-based claim and attempted possession to be unauthorized, thereby extinguishing the basis for the claim. Consequentially, the Section 7 application was dismissed and the admission vacated.
NCLAT allowed the appeal and set aside the impugned admission order under Section 7 of the IBC. The Tribunal held the Section 7 petition unsustainable because the respondent failed to establish status as a financial creditor; the purported assignment by the co-operative bank was unlawful and was withdrawn, and the AA erred in admitting the CIRP application without considering the co-operative bank's pending application and averments. The Tribunal found the respondent's OTS-based claim and attempted possession to be unauthorized, thereby extinguishing the basis for the claim. Consequentially, the Section 7 application was dismissed and the admission vacated.
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