Jai Balaji Industries Limited vs State Bank Of India

The Supreme Court held that the National Company Law Appellate Tribunal (NCLAT) violated the principles of natural justice by not providing the appellant with notice or an opportunity to be heard before issuing its order under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Court emphasized that compliance with NCLAT Rules, specifically Rule 48, is mandatory for fair proceedings. Consequently, the Court set aside the NCLAT's order and remitted the matter back to the National Company Law Tribunal (NCLT) for proper admission of the application, ensuring the appellant is duly informed and heard.