2025 (2) TMI 1172 - SCH - IBC

Admission of Section 7 application - existence of a financial debt - occurrence of default - failure in repayment as per revised terms of the amendment to third Debenture Trust Deed - Financial Creditor by majority controlled the PMC and default subsequent to constitution of PMC is orchestrated by financial creditor - it was held by NCLAT that There are no infirmity in the findings returned by the Adjudicating Authority that the financial creditor succeeded in proving the debt and default and the ingredients under Section 7 are fulfilled. In view of the facts brought on the record it is clearly proved that there is a debt and default which has been acknowledged from time to time by the corporate debtor. Corporate debtor has failed to honour its repayment obligations as per financial document. Adjudicating Authority after considering all submissions of the parties have rightly returned the finding of debt and default. HELD THAT - There are absolutely no error in the view taken by the National Company Law Appellate Tribunal. Appeal dismissed.

Summary

The Supreme Court, through Justices Abhay S. Oka and Ujjal Bhuyan, dismissed the appeal after hearing senior counsel for the appellant and reviewing the impugned judgment. The Court found "absolutely no error in the view taken by the National Company Law Appellate Tribunal," thereby affirming the Tribunal's decision.