Supreme Court dismisses appeal against NCLAT order dated 17.11.2023 – Sanil Prakash Sahu Vs. Kotak Mahindra Bank Ltd. and Another – Supreme Court

Hon’ble Supreme Court dismisses appeal against NCLAT order dated 17.11.2023 whereas it was held that the status of balance sheets as valid acknowledgment of debts needs to be examined depending upon the facts of each case while considering the mention of such non-acknowledging statements in the annexed notes or the auditor’s report. Hon’ble Tribunal also held that the facts in the present case being clearly distinguishable, the Vidarbha judgement cannot be said to apply ipso facto as claimed by the Appellant. Section 7 of the IBC allows a financial creditor to initiate an insolvency resolution process against the corporate debtor upon showing a default in debt owed by the corporate debtor.

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