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“There shall be liberty to the appellant to file a fresh Section 7 application for any default on the part of the corporate debtor subsequent to 10A period.”
“There is no mandatory requirement for factorising the date of uploading of the balance sheet on the MCA portal for computing the period of limitation.”
“Any dispute even pending in the arbitration does not in any manner prohibit the financial creditor to take remedy under Section 7 IBC.”
The NCLAT held the appellant’s claim was inflated, and the Adjudicating Authority rightly recalculated the actual unpaid amount, which fell below the Rs 1 crore threshold.
The democratic principles of the determinative role of majority opinion are enshrined in the IBC, and objections by a minority within a class, when the majority has approved a resolution plan, have no legal standing.
NCLAT held that the impugned order passed by the Adjudicating Authority is at a prima facie stage and should not be treated as a final expression of opinion.