https://www.taxtmi.com/caselaws?id=448818 NCLAT dismissed appeal challenging NCLT's admission of CIRP application under Section 7. Corporate debtor failed to comply with pre-implementation conditions in restructuring proposals dated 21.02.2020 and 29.09.2020, causing approvals to cease. Default dates of 31.03.2018 and 31.03.2021 fell outside Section 10A exclusion period (25.03.2020 to 24.03.2021). Payment of Rs. 50 crores did not automatically extend restructuring approvals. Despite corporate debtor's claims of financial viability with Rs. 308 crores EBITDA, continuous failures to meet payment obligations under original loan agreement and restructuring proposals supported CIRP initiation. en-us Thu, 25 Jan 2024 00:00:00 +0530 Tue, 30 Jan 2024 21:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448818 NCLAT dismissed appeal challenging NCLT's admission of CIRP application under Section 7. Corporate debtor failed to comply with pre-implementation conditions in restructuring proposals dated 21.02.2020 and 29.09.2020, causing approvals to cease. Default dates of 31.03.2018 and 31.03.2021 fell outside Section 10A exclusion period (25.03.2020 to 24.03.2021). Payment of Rs. 50 crores did not automatically extend restructuring approvals. Despite corporate debtor's claims of financial viability with Rs. 308 crores EBITDA, continuous failures to meet payment obligations under original loan agreement and restructuring proposals supported CIRP initiation. Case-Laws Insolvency and Bankruptcy Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448818