Adjudicating Authority Correctly Admitted Section 7 Application: Debt & Default Proved

Shweta Sharma Vs SREI Equipment Finance Ltd. & Anr. (NCLAT Delhi)

The National Company Law Appellate Tribunal (NCLAT) in Delhi rendered a significant decision regarding the validity of a Section 7 application in the case of Shweta Sharma Vs SREI Equipment Finance Ltd. The dispute stemmed from a loan agreement between the Financial Creditor and the Corporate Debtor, ‘Shweta Housing & Hospitality Private Limited,’ wherein defaults led to arbitration and subsequent legal proceedings.

The core issue revolved around whether the Section 7 application, filed by

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