NCLAT Dismisses Contempt Application; Finds No Fault in Section 7 CIRP Initiation for Samhita Project Under IBC Jurisdiction.

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....NCLAT dismissed the contempt application against adjudicating authority. It held no contempt was committed in admitting section 7 application against corporate debtor's project Samhita by order dated 24.08.2023. Adjudicating authority exercised statutory jurisdiction under IBC while admitting section 7 application filed by financial creditors. Initiation of CIRP against Samhita project did not violate or disobey previous NCLAT order dated 13.01.2021. Contempt application lacked merit.....