NCLAT Cannot Direct NCLT to Admit IBC Petition Without Merit Evaluation: SC

Maneesh Pharmaceuticals Ltd Vs Export Import Bank of India and Ors (Supreme court of India) Introduction: The recent Supreme Court judgment in the case of Maneesh Pharmaceuticals Ltd vs. Export Import Bank of India and Ors sheds light on the interplay between the National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT), and the Insolvency and Bankruptcy Code (IBC) Section 7 petitions. The appeal arises from an order of the NCLAT, raising crucial questions about the evaluation of rival contentions on merits before admitting petitions under Section 7 of the IBC. Deta...