https://www.taxtmi.com/caselaws?id=764622 NCLAT dismissed appeal challenging CIRP initiation. Appellant argued only two EMI defaults occurred and CIRP was fraudulently initiated. Tribunal found financial creditor entitled to initiate proceedings under IBC upon default occurrence. Corporate debtor's balance sheet showed revenue of Rs.33,447,942 against expenses of Rs.65,936,603, resulting in losses, contradicting fraud allegations. Appellant's claim was already admitted in CIRP proceedings. Court held insufficient evidence to prove fraudulent initiation and no substantial grounds existed for recalling admission order. Appeal dismissed with delay condoned. en-us Mon, 13 Jan 2025 00:00:00 +0530 Tue, 14 Jan 2025 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764622 NCLAT dismissed appeal challenging CIRP initiation. Appellant argued only two EMI defaults occurred and CIRP was fraudulently initiated. Tribunal found financial creditor entitled to initiate proceedings under IBC upon default occurrence. Corporate debtor's balance sheet showed revenue of Rs.33,447,942 against expenses of Rs.65,936,603, resulting in losses, contradicting fraud allegations. Appellant's claim was already admitted in CIRP proceedings. Court held insufficient evidence to prove fraudulent initiation and no substantial grounds existed for recalling admission order. Appeal dismissed with delay condoned. Case-Laws IBC Mon, 13 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764622