Having resolved these issues, the NCLT examined the Section 10 application on its merits. It observed that all the necessary requirements under Section 10 were fulfilled, including the presence of debt, occurrence of default, completeness of the application, and the Corporate Applicant’s eligibility. Consequently, the NCLT admitted the Section 10 application, imposed a moratorium under Section 14(1) (a), (b), (c), and (d), and appointed an Insolvency Resolution Professional (“IRP”) to oversee the CIRP.
Source: Barandbench
