IBC does not envisage a pre-admission enquiry into proof of default by directing a forensic audit: NCLAT

NCLAT
NCLAT

The National Company Law Appellate Tribunal (NCLAT) has held that the Insolvency & Bankruptcy Code does not envisage a pre-admission enquiry into the proof of default by directing a forensic audit. (Allahabad Bank vs Poonam Resorts)

Section 75 cannot be allowed to thwart the initiation of corporate insolvency resolution process unless forgery or falsification of documents is patent and prima facie established, the NCLAT has held.

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