https://www.taxtmi.com/caselaws?id=464007 The NCLAT (LB) dismissed the appeal and upheld the NCLT orders admitting the Section 7 petition and directing initiation of CIRP against the corporate debtor. The Tribunal held there was a debt and default within the limitation period, the additional loan agreement of 27.04.2017 was genuine, and prior acknowledgements supported the claim. The financial creditor's invocation of pledged shares and partial debt-to-equity conversion did not bar its Section 7 rights. Reliefs obtained under Sections 241-242 and related proceedings do not adversely affect the Section 7 admission. en-us Tue, 26 Nov 2024 00:00:00 +0530 Fri, 26 Sep 2025 20:09:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464007 The NCLAT (LB) dismissed the appeal and upheld the NCLT orders admitting the Section 7 petition and directing initiation of CIRP against the corporate debtor. The Tribunal held there was a debt and default within the limitation period, the additional loan agreement of 27.04.2017 was genuine, and prior acknowledgements supported the claim. The financial creditor's invocation of pledged shares and partial debt-to-equity conversion did not bar its Section 7 rights. Reliefs obtained under Sections 241-242 and related proceedings do not adversely affect the Section 7 admission. Case-Laws IBC Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464007