https://www.taxtmi.com/highlights?id=91836 NCLAT allowed the appeal and set aside the impugned admission order under Section 7 of the IBC. The Tribunal held the Section 7 petition unsustainable because the respondent failed to establish status as a financial creditor; the purported assignment by the co-operative bank was unlawful and was withdrawn, and the AA erred in admitting the CIRP application without considering the co-operative bank's pending application and averments. The Tribunal found the respondent's OTS-based claim and attempted possession to be unauthorized, thereby extinguishing the basis for the claim. Consequentially, the Section 7 application was dismissed and the admission vacated. en-us Sat, 23 Aug 2025 08:31:25 +0530 Sat, 23 Aug 2025 08:31:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=91836 NCLAT allowed the appeal and set aside the impugned admission order under Section 7 of the IBC. The Tribunal held the Section 7 petition unsustainable because the respondent failed to establish status as a financial creditor; the purported assignment by the co-operative bank was unlawful and was withdrawn, and the AA erred in admitting the CIRP application without considering the co-operative bank's pending application and averments. The Tribunal found the respondent's OTS-based claim and attempted possession to be unauthorized, thereby extinguishing the basis for the claim. Consequentially, the Section 7 application was dismissed and the admission vacated. Highlights IBC Sat, 23 Aug 2025 08:31:25 +0530 https://www.taxtmi.com/highlights?id=91836