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Supreme Court: Section 10A Bar Inapplicable Where Default Predates Covid Window — “Admission Under Section 7 Requires Only Proof of Financial Debt and Default; Business Viability Not a Ground to Reject Admission” — Failed Restructuring Does Not Novate Original Loan; CIRP Against Power Company Upheld

Court’s decision The Supreme Court of India dismissed the appeal filed by Power Trust, promoter of Hiranmaye Energy Ltd., and upheld the admission of a Section 7 application under the…