When Debt Is Not Unequivocally Admitted By Corporate Debtor, Application U/S 9 Of IBC Must Not Be Entertained: NCLAT

The NCLAT has ruled that when a debt is not unequivocally admitted by the corporate debtor, an application under Section 9 of the IBC must not be entertained. This decision clarifies the requirements for initiating insolvency proceedings. It ensures that applications are based on clear evidence of debt. This ruling underscores the need for clear guidelines on IBC applications. It emphasizes the importance of procedural compliance. The NCLAT's order reinforces legal procedures.