NCLT says MSME Framework Objection Cannot Defeat Section 7 Admission

Abhyudaya Co-operative Bank sought CIRP against A. Navinchandra Steels for default of approximately ₹70.72 crore. The Corporate Debtor relied on the MSME revival framework, limitation and the pendency of other recovery proceedings. NCLT held that the debt and default were independently established, the MSME framework was inapplicable given the exposure exceeding ₹25 crore, and admitted the Section 7 application.