Livein Aqua Solutions Private Limited vs Hdfc Bank Limited

The Supreme Court examined whether an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, verified on one date but supported by an affidavit on an earlier date, should be rejected at the threshold. The lower tribunal had rejected the application on procedural grounds, which was later overturned by the National Company Law Appellate Tribunal. The Court focused on procedural validity and the importance of supporting affidavits in insolvency proceedings, ultimately emphasizing that procedural irregularities should not lead to automatic rejection if the application is otherwise valid.