Legal Updates on IBC- By NCLT Lawyer in Supreme Court, Delhi
Date Of Article : 05/11/2023
Supreme Court reiterates that once NCLT is satisfied that default has occurred, there is hardly a discretion left with NCLT to refuse admission of the CIRP application u/s 7 IBC.
Supreme Court further clarified that by the order in review that the decision in the case of Vidarbha Industries was in the setting of facts of the case before this Court.
Hence, the decision in the case of Vidarbha Industries cannot be read and understood as taking a view which is contrary to the view taken in the cases of Innoventive Industries and E.S. Krishnamurthy . The view taken in the case of Innoventive Industries still holds good.
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