Restoration Of Plea U/S 7 Of IBC Not Permissible After Payment Of Principal & Interest By Corporate Debtor Upon NCLT's Order: NCLAT

The NCLAT has ruled that the "restoration of a petition under Section 7 of the IBC" is "not permissible" after the "payment of principal and interest" by the "corporate debtor." This is a significant ruling that provides clarity on the legal standing of claims made by the EPFO during the corporate insolvency resolution process. The court's decision, which is a significant victory for the government, was made on the grounds that the company's claim was not supported by evidence.