Nova Infrastructure Developers Ltd. appealed before the National Company Law Appellate Tribunal against the admission order passed by NCLT Mumbai in the Section 7 application filed by State Bank of India. The corporate debtor contended that the Tribunal failed to consider reconciled account statements showing Rs. 47 crore in unapplied collections from pre-sales that ought to have reduced outstanding principal.

It was further argued that admission was premature because a joint lender forum meeting scheduled for July 2024 could have finalized restructuring, and that denial of personal hearing on disputed invoices rendered the order violative of natural justice.

Nova Infrastructure Developers Ltd. appealed before the National Company Law Appellate Tribunal against the admission order passed by NCLT Mumbai in the Section 7 application filed by State Bank of India. The corporate debtor contended that the Tribunal failed to consider reconciled account statements showing Rs. 47 crore in unapplied collections from pre-sales that ought to have reduced outstanding principal.

It was further argued that admission was premature because a joint lender forum meeting scheduled for July 2024 could have finalized restructuring, and that denial of personal hearing on disputed invoices rendered the order violative of natural justice.