NCLT Must Reconsider Financial Creditor's Application for CIRP; Evaluate Loan Demands and Default Threshold Compliance.

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....Initiation of CIRP - NCLT returned the application of the Financial Creditor instead of adjudicating on the Company petition - the Appellant has issued a demand notice which contained cumulative demand of all the three loan amounts. In the given factual matrix, the Adjudicating Authority is required to notice as to whether the application is complete or not and if there is a debt and the Corporate Debtor has defaulted in the payment, whether the amount so defaulted is more than the threshold limit of Rs. 1 lakh. - NCLT directed to consider the application - AT....