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 filed by Canara Bank/FC under section 7 of the Code. NCLAT vide order dated 05.08.2022 dismissed the appeal against this admission order of the AA. Against the NCLAT order, the present appeal...