The Supreme Court has ruled that an authenticated record of default from an information utility (IU) is, on its own, sufficient for the National Company Law Tribunal (NCLT) to admit a financial creditor’s insolvency petition. Such a record carries a presumption that a corporate debtor can displace only with “clear, cogent, credible and compelling material”, the court said.
A bench of Justices Dipankar Datta and Augustine George Masih dismissed appeals by GSTAAD Hotels Pvt Ltd and Neo Capricorn Plaza Pvt Ltd on Thursday (October 15). The two companies own and operate the JW Marriott Hotel in Bengaluru and the Crowne Plaza Hotel in Pune. The ruling upholds the start of the corporate insolvency resolution process (CIRP)…