https://www.taxtmi.com/caselaws?id=759254 NCLAT allowed appeal challenging dismissal of Section 7 IBC petition. Original tribunal erred in dismissing petition for lack of evidence of due debt and default. NCLAT held that adjudicating authority need only ensure debt and default exist based on record produced. Balance sheets and legal demand notice provided prima facie evidence of debt and default. Following Innoventive Industries precedent, petition should be admitted unless incomplete, with opportunity to rectify defects within seven days. Matter remanded to NCLT for further proceedings per law. en-us Wed, 25 Sep 2024 00:00:00 +0530 Thu, 26 Sep 2024 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759254 NCLAT allowed appeal challenging dismissal of Section 7 IBC petition. Original tribunal erred in dismissing petition for lack of evidence of due debt and default. NCLAT held that adjudicating authority need only ensure debt and default exist based on record produced. Balance sheets and legal demand notice provided prima facie evidence of debt and default. Following Innoventive Industries precedent, petition should be admitted unless incomplete, with opportunity to rectify defects within seven days. Matter remanded to NCLT for further proceedings per law. Case-Laws IBC Wed, 25 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759254