https://www.taxtmi.com/caselaws?id=750740 The NCLAT dismissed the appeal challenging admission of a Section 7 application. The Corporate Debtor argued that after debt restructuring, no default existed on the alleged dates, making the admission illegal. The NCLAT held that while moratorium was granted for principal amounts under MSME restructuring guidelines, it did not cover interest payments. The Corporate Debtor defaulted on interest payments and continuously exceeded sanction limits, justifying NPA classification. The tribunal found clear evidence of default through loan agreements, restructuring letters, and bank statements, upholding the lower authority's decision. en-us Tue, 19 Mar 2024 00:00:00 +0530 Fri, 29 Mar 2024 07:45:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750740 The NCLAT dismissed the appeal challenging admission of a Section 7 application. The Corporate Debtor argued that after debt restructuring, no default existed on the alleged dates, making the admission illegal. The NCLAT held that while moratorium was granted for principal amounts under MSME restructuring guidelines, it did not cover interest payments. The Corporate Debtor defaulted on interest payments and continuously exceeded sanction limits, justifying NPA classification. The tribunal found clear evidence of default through loan agreements, restructuring letters, and bank statements, upholding the lower authority's decision. Case-Laws Insolvency and Bankruptcy Tue, 19 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750740