https://www.taxtmi.com/caselaws?id=770760 NCLAT Principal Bench allowed appeal challenging dismissal of Section 7 application under Insolvency and Bankruptcy Code, 2016. The Tribunal erred in not considering additional affidavit establishing debt and default through NeSL records and demand notice dated 09.04.2022 giving 30 days for payment. Despite absence of formal loan agreement, financial creditor successfully proved existence of admitted debt and default when payment wasn't made by 09.05.2022. The impugned order dismissing the insolvency application was set aside as both debt and default were adequately established. en-us Wed, 14 May 2025 00:00:00 +0530 Fri, 16 May 2025 08:40:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770760 NCLAT Principal Bench allowed appeal challenging dismissal of Section 7 application under Insolvency and Bankruptcy Code, 2016. The Tribunal erred in not considering additional affidavit establishing debt and default through NeSL records and demand notice dated 09.04.2022 giving 30 days for payment. Despite absence of formal loan agreement, financial creditor successfully proved existence of admitted debt and default when payment wasn't made by 09.05.2022. The impugned order dismissing the insolvency application was set aside as both debt and default were adequately established. Case-Laws IBC Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770760