Liberty Granted By NCLAT To File Fresh Application Does Not Permit Appellant To Alter Date Of Default In Application U/S 7 Of IBC: NCLAT

Liberty Granted by NCLAT to File Fresh Application Does Not Permit Appellant to Alter Date of Default Mentioned in First Application U/S 7 of IBC: NCLAT The National Company Law Appellate Tribunal (NCLAT) has clarified that the liberty granted by NCLAT to file a fresh application does not permit an appellant to alter the date of default originally mentioned in the first application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). This ruling emphasizes that the date of default is a critical element for initiating insolvency proceedings and cannot be arbitrarily changed in a subsequent application, ensuring consistency and adherence to legal requirements.