https://www.taxtmi.com/highlights?id=94056 NCLAT affirmed admission of the Section 7 petition, holding that the MoU's Clause 6 effected an automatic event of default upon non-payment within the 45-day cure period, which expired on 16.03.2020, thereby terminating the compromise and vesting the Financial Creditor with entitlement to recover outstanding dues. Subsequent payments and a separate WCTL-III disbursement did not revive the lapsed MoU or cure the Term Loan default, and Clause 4.2's discretionary "may" did not amount to waiver. The Tribunal found a subsisting financial debt and continuing default predating Section 10A; equitable considerations were irrelevant at admission. Impugned order stood unassailable and the appeal was dismissed. en-us Tue, 11 Nov 2025 08:20:19 +0530 Tue, 11 Nov 2025 08:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=94056 NCLAT affirmed admission of the Section 7 petition, holding that the MoU's Clause 6 effected an automatic event of default upon non-payment within the 45-day cure period, which expired on 16.03.2020, thereby terminating the compromise and vesting the Financial Creditor with entitlement to recover outstanding dues. Subsequent payments and a separate WCTL-III disbursement did not revive the lapsed MoU or cure the Term Loan default, and Clause 4.2's discretionary "may" did not amount to waiver. The Tribunal found a subsisting financial debt and continuing default predating Section 10A; equitable considerations were irrelevant at admission. Impugned order stood unassailable and the appeal was dismissed. Highlights IBC Tue, 11 Nov 2025 08:20:19 +0530 https://www.taxtmi.com/highlights?id=94056