NCLT cannot refuse admission of section CIRP application if default occurred: SC

M. Suresh Kumar Reddy Vs Canara Bank & Ors. (Supreme Court of India)

SC held that once NCLT is satisfied that the default has occurred, there is hardly a discretion left with NCLT to refuse admission of the application under Section 7.

Brief Background:

Adjudicating Authority (AA), Hyderabad bench vide order dated 27.06.2022 admitted M/s Kranthi Edifice Pvt. Ltd (CD) into insolvency on the application f

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