Condonation of Delay denied: communication lapses and corporate restructuring found insufficient; prolonged inaction and lack of bona fides led to ref...
Export Support intervention INSIGHT launched to provide non financial capacity building, trade intelligence and pilot support with defined funding and...
Dominant issue one: Whether admission under Section 7 requires inquiry beyond existence of financial debt and default - court held the mandatory inquiry is limited to debt and occurrence of default; admitted defaults, breach of restructuring and non-payment were conclusively established and the narrow Vidarbha exception was inapplicable, therefore admission into CIRP was correctly ordered. Dominant issue two: Whether a homebuyers' society has locus standi to intervene at the Section 7/admission or appellate stage - court held pre-admission proceedings are in personam, the society is neither a financial nor operational creditor and produced no representative mandate, so it has no statutory right to be heard and cannot appeal. - SC
Dominant issue one: Whether admission under Section 7 requires inquiry beyond existence of financial debt and default - court held the mandatory inquiry is limited to debt and occurrence of default; admitted defaults, breach of restructuring and non-payment were conclusively established and the narrow Vidarbha exception was inapplicable, therefore admission into CIRP was correctly ordered. Dominant issue two: Whether a homebuyers' society has locus standi to intervene at the Section 7/admission or appellate stage - court held pre-admission proceedings are in personam, the society is neither a financial nor operational creditor and produced no representative mandate, so it has no statutory right to be heard and cannot appeal. - SC
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