NCLT Rejects CIRP Application Due to Creditor Negligence; Section 7 Focuses on Debtor's Inability to Pay.

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....Initiation of CIRP - NCLT rejected the application - Financial Creditors - non-disbursement of part of financial assistance sanctioned by the Financial Creditors - contributory negligence on the part of Financial Creditors, which was beyond the scope of inquiry of Section 7 or not - there are ample material that Corporate Debtor is unable to pay its debt and has committed default, the Adjudicating Authority is not required to go into the reasons of default and ignore the real status of the Corporate Debtor and close its eyes to the fact that the Corporate Debtor needs insolvency resolution - AT....