Indian case law by case name, citation, provision or legal issue, with the case summary, the judgment text where we hold it and the provisions it applies.
Clarified Vidarbha Industries; held that once financial debt default is established, admission of Section 7 application is the rule and rejection an exception.
Indian case law by case name, citation, provision or legal issue, with the case summary, the judgment text where we hold it and the provisions it applies.
Clarified Vidarbha Industries; held that once financial debt default is established, admission of Section 7 application is the rule and rejection an exception.
Citations work in any format: (1978) 1 SCC 248, AIR 1973 SC 1461.
Name a provision: 302 IPC, Section 41A CrPC, Article 21.
Quotes for a phrase: "rarest of rare".
OR for alternatives, a minus sign to exclude: bail -anticipatory.
Small spelling mistakes in case names are forgiven.
(2022) 8 SCC 352
Section 7(5)(a) uses 'may'; NCLT has discretionary power not to admit Section 7 application mechanically if debtor has viable recovery prospects or pending awards.
Adjudicating Authority must only see whether default has occurred. Moment a default occurs, application under Section 7 must be admitted; speed is essence; directors powers suspended.
Citations work in any format: (1978) 1 SCC 248, AIR 1973 SC 1461.
Name a provision: 302 IPC, Section 41A CrPC, Article 21.
Quotes for a phrase: "rarest of rare".
OR for alternatives, a minus sign to exclude: bail -anticipatory.
Small spelling mistakes in case names are forgiven.
(2022) 8 SCC 352
Section 7(5)(a) uses 'may'; NCLT has discretionary power not to admit Section 7 application mechanically if debtor has viable recovery prospects or pending awards.
Adjudicating Authority must only see whether default has occurred. Moment a default occurs, application under Section 7 must be admitted; speed is essence; directors powers suspended.