Section 7 application under IBC admissible as debt and default proved

Alok Gaur Vs State Bank of India & Anr (NCLAT Delhi) NCLAT Delhi held that debt and default on the part of Corporate Debtor proved and hence application under section 7 of the Insolvency and Bankruptcy Code duly admissible. Thus, appeal dismissed and order of adjudicating authority upheld. Facts- This Appeal by Suspended Director of the Corporate Debtor (“CD”) Jaypee Cement Corporation Limited has been filed challenging the order dated 22.07.2024 passed by National Company Law Tribunal, Allahabad Bench, Prayagraj admitting Section 7 Application filed by the State Bank of India (“SBI�...