https://www.taxtmi.com/caselaws?id=771911 NCLAT dismissed appeal challenging Section 7 application admission under IBC 2016. Corporate Debtor argued viability to avoid CIRP initiation, citing Vidarbha Industries precedent. Tribunal found Corporate Debtor financially unviable with inadequate promoter resources to settle creditors. Project incomplete since 2014 with pending dues to authorities. Financial creditor and homebuyer CoC refuted viability claims. NCLAT held Adjudicating Authority correctly admitted petition as Corporate Debtor lacked financial solvency, making Vidarbha Industries ratio inapplicable. en-us Wed, 28 May 2025 00:00:00 +0530 Mon, 02 Jun 2025 08:34:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771911 NCLAT dismissed appeal challenging Section 7 application admission under IBC 2016. Corporate Debtor argued viability to avoid CIRP initiation, citing Vidarbha Industries precedent. Tribunal found Corporate Debtor financially unviable with inadequate promoter resources to settle creditors. Project incomplete since 2014 with pending dues to authorities. Financial creditor and homebuyer CoC refuted viability claims. NCLAT held Adjudicating Authority correctly admitted petition as Corporate Debtor lacked financial solvency, making Vidarbha Industries ratio inapplicable. Case-Laws IBC Wed, 28 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771911