https://www.taxtmi.com/caselaws?id=771650 The NCLAT upheld the Adjudicating Authority's admission of a Section 7 application filed by a financial creditor against a corporate debtor. The tribunal held that the application was not barred by Section 10A of IBC as the default occurred on 30.04.2021, after the prohibited period. The court ruled that an Acquisition Agreement dated 29.08.2020, which purported to transfer NCD obligations to another entity, was void due to non-compliance with debenture trust deed requirements and lack of debenture trustee consent. The debenture holders' conduct did not constitute ratification of the agreement. The NCLAT found the Adjudicating Authority had proper jurisdiction to examine the acquisition agreement and correctly admitted financial statements as evidence. The appeal was dismissed. en-us Mon, 19 May 2025 00:00:00 +0530 Thu, 29 May 2025 08:41:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771650 The NCLAT upheld the Adjudicating Authority's admission of a Section 7 application filed by a financial creditor against a corporate debtor. The tribunal held that the application was not barred by Section 10A of IBC as the default occurred on 30.04.2021, after the prohibited period. The court ruled that an Acquisition Agreement dated 29.08.2020, which purported to transfer NCD obligations to another entity, was void due to non-compliance with debenture trust deed requirements and lack of debenture trustee consent. The debenture holders' conduct did not constitute ratification of the agreement. The NCLAT found the Adjudicating Authority had proper jurisdiction to examine the acquisition agreement and correctly admitted financial statements as evidence. The appeal was dismissed. Case-Laws IBC Mon, 19 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771650