https://www.taxtmi.com/caselaws?id=777042 NCLAT held the Section 7 application inadmissible and set aside the impugned admission. The purported assignment by the Cooperative Bank to the applicant was withdrawn and declared unauthorized; the applicant therefore was not a Financial Creditor of the corporate debtor and lacked standing to initiate CIRP. The Adjudicating Authority erred by admitting the Section 7 petition without considering the Cooperative Bank's averments and related proceedings pending before the HC. Appeal allowed and admission under Section 7 vacated. en-us Thu, 21 Aug 2025 00:00:00 +0530 Sat, 23 Aug 2025 08:31:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777042 NCLAT held the Section 7 application inadmissible and set aside the impugned admission. The purported assignment by the Cooperative Bank to the applicant was withdrawn and declared unauthorized; the applicant therefore was not a Financial Creditor of the corporate debtor and lacked standing to initiate CIRP. The Adjudicating Authority erred by admitting the Section 7 petition without considering the Cooperative Bank's averments and related proceedings pending before the HC. Appeal allowed and admission under Section 7 vacated. Case-Laws IBC Thu, 21 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777042