https://www.taxtmi.com/caselaws?id=439994 The appeal challenging the admission of a Section 7 Application under the Insolvency and Bankruptcy Code, 2016 was dismissed by the Tribunal. The National Company Law Tribunal (NCLT) admitted the application based on demonstrated financial debt and default by the Financial Creditor. The Corporate Debtor was found to have been given adequate opportunities to respond but failed to do so. The Tribunal rejected the argument that an MoU presented later changed the nature of the debt, affirming the NCLT's decision. The allegation of collusion in filing the application was also dismissed. The NCLT's order admitting the Section 7 Application was upheld. en-us Tue, 04 Jul 2023 00:00:00 +0530 Thu, 06 Jul 2023 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439994 The appeal challenging the admission of a Section 7 Application under the Insolvency and Bankruptcy Code, 2016 was dismissed by the Tribunal. The National Company Law Tribunal (NCLT) admitted the application based on demonstrated financial debt and default by the Financial Creditor. The Corporate Debtor was found to have been given adequate opportunities to respond but failed to do so. The Tribunal rejected the argument that an MoU presented later changed the nature of the debt, affirming the NCLT's decision. The allegation of collusion in filing the application was also dismissed. The NCLT's order admitting the Section 7 Application was upheld. Case-Laws Insolvency and Bankruptcy Tue, 04 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439994