Debt & default against Corporate Debtor: Section 7 IBC Application Admissible

New Era Propcon Private Limited Vs SREI Equipment Finance Limited (NCLAT Delhi) The case of New Era Propcon Private Limited vs. SREI Equipment Finance Limited, heard before the National Company Law Appellate Tribunal (NCLAT) in Delhi, revolves around an appeal challenging the admission of a Section 7 application filed against Varutha Developers Private Limited (Corporate Debtor). This appeal raises significant legal issues regarding locus standi, debt, and default under the Insolvency and Bankruptcy Code, 2016 (IBC). The judgment provides insights into the interpretation of relevant provisions...