https://www.taxtmi.com/caselaws?id=763625 The HC dismissed a petition challenging an NCLT order dated 29th October, 2024 regarding corporate insolvency proceedings. The court upheld that non-payment of any part of debt when due constitutes default under IBC Section 3(12), requiring admission under Section 7. Following SC precedent in Swiss Ribbons case, the court found no illegality in the NCLT order. The petition was dismissed for forum shopping, suppression, multiplicity of cases, and wastage of court time, with costs of Rs. 2.5 lakhs imposed on the petitioner. en-us Fri, 20 Dec 2024 00:00:00 +0530 Mon, 23 Dec 2024 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763625 The HC dismissed a petition challenging an NCLT order dated 29th October, 2024 regarding corporate insolvency proceedings. The court upheld that non-payment of any part of debt when due constitutes default under IBC Section 3(12), requiring admission under Section 7. Following SC precedent in Swiss Ribbons case, the court found no illegality in the NCLT order. The petition was dismissed for forum shopping, suppression, multiplicity of cases, and wastage of court time, with costs of Rs. 2.5 lakhs imposed on the petitioner. Case-Laws Companies Law Fri, 20 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763625