https://www.taxtmi.com/caselaws?id=309599 The NCLAT reiterated that an Adjudicating Authority must pass an order admitting or rejecting a Section 7 insolvency application within the statutory framework of Section 7(4) and Section 7(5), and cannot continue to keep the matter at the pre-admission stage once the application is ripe for decision. Noting that an earlier direction had not been complied with, the Tribunal did not enter the merits of the insolvency claim and instead directed the Adjudicating Authority to dispose of the application by passing an order of admission or rejection within one week. en-us Mon, 15 Mar 2021 00:00:00 +0530 Tue, 12 Sep 2023 22:28:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309599 The NCLAT reiterated that an Adjudicating Authority must pass an order admitting or rejecting a Section 7 insolvency application within the statutory framework of Section 7(4) and Section 7(5), and cannot continue to keep the matter at the pre-admission stage once the application is ripe for decision. Noting that an earlier direction had not been complied with, the Tribunal did not enter the merits of the insolvency claim and instead directed the Adjudicating Authority to dispose of the application by passing an order of admission or rejection within one week. Case-Laws Insolvency and Bankruptcy Mon, 15 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309599