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NCLAT upheld the admission of a Section 7 IBC application against the corporate debtor. It rejected the respondent's objection to locus, holding that the appellant, being a shareholder and personal guarantor for the very facilities forming the basis of the Section 7 claim, was competent to maintain the appeal. On merits, NCLAT found undisputed financial facilities, their valid assignment, a subsequent OTS proposal, authenticated default in NeSL records, and acknowledgment in the balance sheet, justifying admission of the Section 7 petition. The Tribunal clarified that jurisdiction under Section 65 IBC may be exercised by the adjudicating authority at any stage and granted liberty to the appellant to move such an application. The appeal was dismissed.
NCLAT upheld the admission of a Section 7 IBC application against the corporate debtor. It rejected the respondent's objection to locus, holding that the appellant, being a shareholder and personal guarantor for the very facilities forming the basis of the Section 7 claim, was competent to maintain the appeal. On merits, NCLAT found undisputed financial facilities, their valid assignment, a subsequent OTS proposal, authenticated default in NeSL records, and acknowledgment in the balance sheet, justifying admission of the Section 7 petition. The Tribunal clarified that jurisdiction under Section 65 IBC may be exercised by the adjudicating authority at any stage and granted liberty to the appellant to move such an application. The appeal was dismissed.
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