Technical Objections Cannot Defeat CIRP Once Debt and Default are Established: NCLT Admits ₹39.19 Cr Insolvency Plea Against Millenium Starch [Read Order]

The National Company Law Tribunal has admitted insolvency proceedings against Millenium Starch India Private Limited on a petition filed by Axis Bank Limited holding that technical objections cannot defeat a Corporate Insolvency Resolution Process (CIRP) once the existence of financial debt and default is established. The facts stated that Axis Bank had approved loan facilities…

NCLAT clears Adani’s ₹14,500 crore Jaiprakash deal, rejects Vedanta appeal

The National Company Law Appellate Tribunal (NCLAT) on May 4 dismissed appeals filed by Vedanta Limited challenging the selection of Adani Enterprises as the successful bidder for debt-laden Jaiprakash Associates Limited under the insolvency resolution process.  A two-member bench comprising NCLAT Chairperson Ashok Bhushan and Technical Member Barun Mitra ruled that there was “no merit” in Vedanta’s…

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