https://www.taxtmi.com/caselaws?id=771915 NCLAT Principal Bench dismissed an appeal challenging admission of a Section 7 application filed by a bank against a corporate debtor. The Tribunal held that the application was filed within limitation period and established both debt and default. The corporate debtor's argument that another entity had undertaken liability to clear its debts was rejected, as restructuring had failed and debts remained undischarged. The Tribunal found that failure to comply with restructuring conditions meant novation claims were invalid, and the financial creditor could pursue securities provided by the debtor. The Section 7 application was properly admitted by the Adjudicating Authority. en-us Fri, 30 May 2025 00:00:00 +0530 Mon, 02 Jun 2025 08:34:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771915 NCLAT Principal Bench dismissed an appeal challenging admission of a Section 7 application filed by a bank against a corporate debtor. The Tribunal held that the application was filed within limitation period and established both debt and default. The corporate debtor's argument that another entity had undertaken liability to clear its debts was rejected, as restructuring had failed and debts remained undischarged. The Tribunal found that failure to comply with restructuring conditions meant novation claims were invalid, and the financial creditor could pursue securities provided by the debtor. The Section 7 application was properly admitted by the Adjudicating Authority. Case-Laws IBC Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771915