Sunrise 14 A/S Denmark, a Danish company, filed a petition before the National Company Law Tribunal (NCLT), Chandigarh, claiming default in debt. The NCLT admitted the petition. The National Company Appellate Tribunal (NCLAT) set aside the NCLT's judgment, stating that the mandatory requirements of Section 7(3)(a) of the Insolvency and Bankruptcy Code (IBC) were not met because the statutory form was not filled correctly, and the application was made by an advocate instead of the party in person. The Supreme Court heard the appeal against the NCLAT's decision. The key fact is the applicability of the Macquarie Bank Limited Vs. Shilpi Cable Technologies Limited precedent to financial creditors, which was initially applied to operational creditors.

Sunrise 14 A/S Denmark, a Danish company, filed a petition before the National Company Law Tribunal (NCLT), Chandigarh, claiming default in debt. The NCLT admitted the petition. The National Company Appellate Tribunal (NCLAT) set aside the NCLT's judgment, stating that the mandatory requirements of Section 7(3)(a) of the Insolvency and Bankruptcy Code (IBC) were not met because the statutory form was not filled correctly, and the application was made by an advocate instead of the party in person. The Supreme Court heard the appeal against the NCLAT's decision. The key fact is the applicability of the Macquarie Bank Limited Vs. Shilpi Cable Technologies Limited precedent to financial creditors, which was initially applied to operational creditors.