Insolvency and Bankruptcy Code, 2016, Section 7
Application under Section 7 is not a recovery proceeding or proceeding for determining of a claim on merit that can be decided only by a court of competent jurisdiction - An application under Sections 7, 9 or 10 of the Code not being a money claim or suit and not being an adversarial litigation, NCLT is not required to write a detailed decision as to which are the evidence relied upon for its satisfaction - NCLT is only required to be satisfied that there is a debt and default had occurred - NCLT having held that a prima facie case was made out by the applicant about existence of debt and default.
V.R. Hemantraj v. Stanbic Bank Ghana Ltd., Company Appeal (AT) (Insolvency) No. 213 of 2018,