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HomeCompany & PMLAAdmission of S. 7 IBC Plea Is Mandatory Once Debt and Default...

Admission of S. 7 IBC Plea Is Mandatory Once Debt and Default Are Proven: Supreme Court

Company & PMLASupreme Court

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By Mariya Paliwala
Supreme court

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The Supreme Court reiterated that an application filed under Section 7 of the Code by a financial creditor must be admitted once the existence of a financial debt and default is established. The Court emphasized that the adjudicating authority does not possess discretionary powers at this stage and cannot examine issues such as the corporate…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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