Does NCLT have discretion to admit CIRP under Section 7, IBC? Supreme Court to reconsider Vidarbha Industries judgment

In the Vidarbha Industries case, the top Court had held that the NCLT has the discretion to admit or reject CIRP applications filed by Financial Creditors.
Supreme Court and IBC
Supreme Court and IBC

The Supreme Court is slated to hear a plea that has questioned the correctness of the ruling in Vidarbha Industries Power Limited v. Axis Bank Limited, which had held that the NCLT has the discretion to admit or reject CIRP applications filed by Financial Creditors under Section 7(5)(a) of the Insolvency and Bankruptcy Code (IBC) [Maganlal Daga HUF v Jag Mohan Daga].

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