Ex parte arbitral award upheld in insolvency case; debt and default confirmed, triggering Corporate Insolvency Resolution Process.

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....CIRP - Admission of Section 7 application - The NCLAT addressed the validity and impact of the ex parte arbitral award. It concluded that, irrespective of the award's validity—which was contested by the appellant and pending adjudication—the evidence of debt and default was incontrovertible based on the loan agreement, the debtor’s admissions, and the financial records presented. The Appellate Tribunal unequivocally upheld the Adjudicating Authority’s order, affirming that the debt and default were clearly established through the documentation provided by the financial creditor, rendering the application for initiating CIRP as justified.....