NCLT Has Discretion To Not Admit Financial Creditor's CIRP Application? Supreme Court Allows Open Court Hearing For Review

The Supreme Court on Wednesday allowed open court hearing for the review petition filed against the judgment in Vidarbha Industries Power Ltd. vs Axis Bank Limited which held that the National Company Law Tribunal has discretion to not admit the insolvecny application filed by a financial creditor even if the corporate debtor is in default.A bench comprising Justices Indira Banerjee and...