Petition u/s 7 of IBC maintainable despite lack of evidence to ...

Corporate insolvency petition admissible on prima facie debt & default sans demand proof. NCLT to proceed further.

Case Laws IBC

September 27, 2024

Petition u/s 7 of IBC maintainable despite lack of evidence to show loan due and payable or record of default or demand letter. Adjudicating Authority only required to ensure existence of debt and default based on record produced. Balance sheets and legal notice of demand prima facie reveal no impediment to admit petition against corporate debtor. Matter remanded to NCLT to proceed further as per law. Appeal allowed.

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Petition u/s 7 of IBC maintainable despite lack of evidence to ...

Corporate insolvency petition admissible on prima facie debt & default sans demand proof. NCLT to proceed further.

Case Laws IBC

September 27, 2024

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