Defective Affidavit in Section 7 Petition is Curable; NCLT Must Issue Mandatory Notice u/s 7(5)(b) IBC

Livein Aqua Solutions Private Limited Vs HDFC Bank Limited (Supreme Court of India) Defective Affidavit in Section 7 Petition is Curable; NCLT Must Issue Mandatory Notice u/s 7(5)(b) IBC In this appeal arising from rejection of a Section 7 IBC application, the Supreme Court examined whether an application verified on 26.07.2023 but supported by an affidavit dated 17.07.2023 could be dismissed at the threshold on the ground of being defective. The NCLT, Ahmedabad had rejected HDFC Bank’s Form-1 Section 7 petition on the ground that the defects notified by Registry were not cured within time. ...