https://www.taxtmi.com/caselaws?id=755166 The NCLAT dismissed an appeal challenging admission of a corporate debtor into CIRP under Section 7 of IBC. The appellant claimed violation of natural justice principles, arguing inadequate opportunity to be heard. The NCLAT found that despite multiple notices and newspaper publication, the appellant failed to appear on 18 occasions before the adjudicating authority. The excuse of family demise was rejected as insufficient given the repeated absences and availability of other directors. The NCLAT upheld that debt and default above Rs. 1 crore threshold was adequately proven, and the adjudicating authority correctly exercised summary jurisdiction in admitting the application, following established precedent from Innoventive Industries Limited case. en-us Tue, 02 Jul 2024 00:00:00 +0530 Sat, 06 Jul 2024 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755166 The NCLAT dismissed an appeal challenging admission of a corporate debtor into CIRP under Section 7 of IBC. The appellant claimed violation of natural justice principles, arguing inadequate opportunity to be heard. The NCLAT found that despite multiple notices and newspaper publication, the appellant failed to appear on 18 occasions before the adjudicating authority. The excuse of family demise was rejected as insufficient given the repeated absences and availability of other directors. The NCLAT upheld that debt and default above Rs. 1 crore threshold was adequately proven, and the adjudicating authority correctly exercised summary jurisdiction in admitting the application, following established precedent from Innoventive Industries Limited case. Case-Laws Insolvency and Bankruptcy Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755166