2023 (10) TMI 1172 - SCH - Insolvency and Bankruptcy

Maintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial creditors - existence of debt and dispute or not - It was held by NCLAT that The amount advance of Rs.1.2 Crore cannot be held to be financial debt and no error has been committed by the Adjudicating Authority in rejecting the Section 7 Application - HELD THAT - There are no reason to interfere with the impugned order - appeal dismissed.

Summary

The Supreme Court dismissed the Civil Appeal and upheld the order of the National Company Law Appellate Tribunal in Company Appeal (AT) (Insolvency) No 1352 of 2022. Pending applications were disposed of.