SESH NATH SINGH vs BAIDYABATI SHEORAPHULI CO OPERATIVE BANK LIMITED

The Supreme Court upheld the decision of the National Company Law Appellate Tribunal (NCLAT) which dismissed the appeal against the admission of a corporate insolvency resolution process (CIRP) initiated by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The court found that the Corporate Debtor had defaulted on its repayment obligations, justifying the initiation of CIRP. The judgment reinforces the authority of financial creditors to initiate insolvency proceedings in cases of default.