https://www.taxtmi.com/caselaws?id=755544 NCLAT Principal Bench set aside the Adjudicating Authority's rejection of Section 7 application filed by financial creditor. The tribunal held that despite an interim injunction by Commercial Court, the financial creditor could continue proceedings against corporate debtor as debt assignment never materialized and original debt remained valid. The court ruled that corporate debtor's liability persisted, and the injunction order did not affect Section 7 proceedings. NCLAT directed Adjudicating Authority to admit the application and initiate CIRP within 30 days, finding debt and default sufficiently proved. en-us Fri, 12 Jul 2024 00:00:00 +0530 Mon, 15 Jul 2024 08:17:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755544 NCLAT Principal Bench set aside the Adjudicating Authority's rejection of Section 7 application filed by financial creditor. The tribunal held that despite an interim injunction by Commercial Court, the financial creditor could continue proceedings against corporate debtor as debt assignment never materialized and original debt remained valid. The court ruled that corporate debtor's liability persisted, and the injunction order did not affect Section 7 proceedings. NCLAT directed Adjudicating Authority to admit the application and initiate CIRP within 30 days, finding debt and default sufficiently proved. Case-Laws Insolvency and Bankruptcy Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755544