Corporate insolvency resolution process amended with expanded disclosure, guarantor asset transfer rules, and new dissolution and restoration procedur...
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NCLAT upheld the NCLT's admission of a Section 7 IBC petition initiated by the financial creditor against the corporate debtor. It held that a valid financial debt and clear default existed under the loan agreement, independent of disputes under the concession agreement with a governmental authority. Allegations of "contrived" and malicious default, induced by the authority and lenders, were rejected as irrelevant to the limited jurisdiction under Section 7, which is confined to verifying existence of debt and default, not their causation or underlying contractual disputes. Termination of the concession agreement and pending/arbitrable issues were held not to extinguish the debtor's liability or bar CIRP. Finding no infirmity or mala fides in the admission order, NCLAT dismissed the appeal and affirmed continuation of CIRP.
NCLAT upheld the NCLT's admission of a Section 7 IBC petition initiated by the financial creditor against the corporate debtor. It held that a valid financial debt and clear default existed under the loan agreement, independent of disputes under the concession agreement with a governmental authority. Allegations of "contrived" and malicious default, induced by the authority and lenders, were rejected as irrelevant to the limited jurisdiction under Section 7, which is confined to verifying existence of debt and default, not their causation or underlying contractual disputes. Termination of the concession agreement and pending/arbitrable issues were held not to extinguish the debtor's liability or bar CIRP. Finding no infirmity or mala fides in the admission order, NCLAT dismissed the appeal and affirmed continuation of CIRP.
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