The Supreme Court on 15.01.2026, clarified the scope of admission of insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), holding that once the existence of financial debt and default is established, the Adjudicating Authority must admit the application and cannot refuse admission on considerations such as project viability, stage of completion, or the possible impact on homebuyers.A Bench of Justice J.B. Pardiwala and Justice R. Mahadevan delivered the judgment while deciding appeals arising from insolvency proceedings initiated against Takshashila Heights…
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