SURENDRA TRADING COMPANY vs JUGGILAL KAMLAPAT JUTE MILLS COMPANY LTD

The Supreme Court affirmed the NCLAT's ruling that the seven-day period prescribed in the proviso to sub-section (5) of Section 9 of the Insolvency and Bankruptcy Code, 2016 is mandatory for operational creditors to rectify defects in their applications for initiating corporate insolvency resolution. The Court held that failure to comply with this timeline results in the rejection of the application, thus establishing the strict adherence to procedural timelines under the Code. The appeal was allowed, and the decision of the NCLAT was upheld.