IBC Section 7: SC Holds CIRP Admission Mandatory Once Debt & Default Proved; Society Intervention Denied

Elegna Co-Op. Housing And Commercial Society Ltd. Vs Edelweiss Asset Reconstruction Company Limited & Anr. (Supreme Court of India) Section 7 Admission Is Mandatory on Debt & Default; Homebuyers’ Society Has No Locus to Intervene at Pre-Admission Stage: Supreme Court The Supreme Court, by judgment dated 15 January 2026, dismissed the appeals filed by the Corporate Debtor and the homebuyers’ society, and affirmed the NCLAT’s order admitting the Corporate Debtor into CIRP under section 7 of the IBC. The Court also upheld the rejection of the intervention application filed by th...