2026 (8) TMI 1144

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.... NCLT under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short "IBC"). The Application under Section 7 of the IBC was filed by the Central Bank of India, the Financial Creditor, for the initiation of the Corporate Insolvency Resolution Process (for short "CIRP") of N. Kumar Projects and Infrastructure Pvt. Ltd. (the Petitioner herein). 2. The main ground of challenge in the present Writ Petition is that the Tribunal ignored vital evidence and relied upon legally inadmissible material, resulting in manifest misapplication of the law. It is in these circumstances that the Petitioner contends that it can invoke the Writ jurisdiction of this Court and can bypass the equally efficacious alternate remedy available under Section 6....

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....elevant portion of Section 7 is reproduced hereunder:- "7. Initiation of corporate insolvency resolution process by financial creditor.- (1) xxx (2) xxx (3) The financial creditor shall, along with the application furnish - (a) record of the default recorded with the information utility or such other record or evidence of default as may be specified; (b) the name of the resolution professional proposed to act as an interim resolution professional; and (c) any other information as may be specified by the Board. (4) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), ascertain the existence of a default from the ....

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....a, was never challenged by the Corporate Debtor before the DRAT. In fact, the impugned order even records that during the final arguments before the NCLT itself, the Counsel for the Corporate Debtor had, in unequivocal terms, conceded that the Corporate Debtor is not specifically challenging the date of default. This is so recorded on page 46 of the paper-book in paragraph 6.5 of the impugned order. 7. At this stage, the learned Counsel for the Petitioner submitted that this recording is factually incorrect. We are afraid that we cannot entertain such an argument. If this factual finding is incorrect, the correct course for the Petitioner would have been to file an application for speaking to the minutes of the order passed by the NCLT. ....