https://www.taxtmi.com/caselaws?id=769496 NCLAT upheld admission of Section 7 application filed by financial creditor against corporate debtor and guarantor. Tribunal rejected appellant's contention that corporate debtor was not liable for payment obligations since project accounts were operated under trustee's instructions. Court held that no payments toward principal or interest were made for over five years since debenture issuance in 2016 and 2021, establishing clear financial debt and default. Tribunal emphasized that constitution of project managing committee does not diminish corporate debtor's payment obligations, citing precedent. Both appeals dismissed as lacking merit. 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=769496 NCLAT upheld admission of Section 7 application filed by financial creditor against corporate debtor and guarantor. Tribunal rejected appellant's contention that corporate debtor was not liable for payment obligations since project accounts were operated under trustee's instructions. Court held that no payments toward principal or interest were made for over five years since debenture issuance in 2016 and 2021, establishing clear financial debt and default. Tribunal emphasized that constitution of project managing committee does not diminish corporate debtor's payment obligations, citing precedent. Both appeals dismissed as lacking merit. Case-Laws IBC Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769496