Default Triggers CIRP

In a textbook application of Section 7 jurisprudence, the Tribunal reinforces the limited scope of inquiry at the admission stage. It rejects multiple procedural and technical objections raised by the corporate debtor, including defects in filing, authorization, and NeSL reporting, holding them to be curable or immaterial. 

The ruling underscores that insolvency proceedings are triggered by default, not by an assessment of financial health or intent. It also clarifies that discretionary observations in Vidarbha Industries cannot dilute the binding ratio of Innoventive Industries, thereby restoring doctrinal clarity.