https://www.taxtmi.com/caselaws?id=769498 NCLAT upheld the Adjudicating Authority's order admitting Section 7 application and initiating CIRP against Corporate Debtor. The tribunal found categorical existence of debt and default, noting the debtor's acknowledgment through deposited amount of Rs.369.11 crores. Settlement proposal rejection by Financial Creditors was recorded. NCLAT directed CIRP to proceed with CoC constitution for claims consideration. Appellant may submit settlement proposal including deposited amount to CoC under Section 12A and Regulation 30A. If CoC rejects settlement, appellant granted liberty to withdraw deposited amount. Appeal disposed of with CIRP admission order upheld. en-us Thu, 24 Apr 2025 00:00:00 +0530 Sat, 26 Apr 2025 08:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769498 NCLAT upheld the Adjudicating Authority's order admitting Section 7 application and initiating CIRP against Corporate Debtor. The tribunal found categorical existence of debt and default, noting the debtor's acknowledgment through deposited amount of Rs.369.11 crores. Settlement proposal rejection by Financial Creditors was recorded. NCLAT directed CIRP to proceed with CoC constitution for claims consideration. Appellant may submit settlement proposal including deposited amount to CoC under Section 12A and Regulation 30A. If CoC rejects settlement, appellant granted liberty to withdraw deposited amount. Appeal disposed of with CIRP admission order upheld. Case-Laws IBC Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769498