Section 7 Application Rightly Admitted: Financial Creditor Can Initiate Proceedings for Non-Payment in Insolvency Cases.

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....Initiation of CIRP - It is well settled that per incuriam is exception to the rule of precedent. Incuria literally means carelessness. In practice, per incuriam appears to us per ignorantiam. When judgment is rendered in ignorance of binding statute or binding authority the judgment is said to be per incuriam. - The Financial Creditor has full right to initiate action under Section 7 for non-payment of dues - no error has been committed by the Adjudicating Authority in admitting Section 7 Application filed by the Financial Creditor - AT....