Admission of Section 7 Application - CIRP - The case involved an ...
Suspended director's appeal dismissed as tribunal upholds financial default claims by bank u/s 7 application.
May 13, 2024
Case Laws Insolvency and Bankruptcy AT
Admission of Section 7 Application - CIRP - The case involved an appeal by a suspended director of a corporate debtor against the admission of a Section 7 application by the respondent bank. The appellant contested the admission, citing efforts to service the debt, while the bank argued non-compliance and default on payments. The tribunal examined the submissions and found evidence supporting the bank's claims of default, including non-payment despite notices and failed settlement attempts. It upheld the adjudicating authority's decision, affirming the existence of financial debt and default, thus dismissing the appeal.
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