NCLT admits ₹2.80 crore insolvency plea despite Supreme Court appeal
In short
The NCLT admitted a ₹2.80 crore insolvency case even though a Supreme Court appeal was still pending. It said there was no stay on the NCLAT order that had upheld the debt, default and the creditor’s authorisation.
That can affect the debtor and the creditor involved.
What the reporting says
The NCLT admitted a ₹2.80 crore insolvency plea after holding that a pending Supreme Court appeal did not bar admission of the CIRP application because no stay had been granted on the NCLAT order. The syndicated summary says the NCLAT had upheld debt, default and the creditor’s valid authorisation. The admission moves the matter into the insolvency process.
Why it matters
The NCLT admitted a ₹2.80 crore CIRP plea after finding that a pending Supreme Court appeal did not stop admission because no stay had been granted on the NCLAT order. The syndicated summary says the NCLAT had already upheld the debt, default and the creditor’s authorisation. The ruling allows the insolvency process to proceed for the parties involved.