In Brief
Jai Balaji Industries challenged an NCLAT order that set aside the NCLT's refusal to admit an insolvency application by the bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Supreme Court found that the NCLAT had not served proper notice on the appellant before hearing the appeal, violating the fundamental principle of natural justice (audi alteram partem). Service of an advance copy of the appeal documents did not comply with the statutory procedure. The Court set aside the NCLAT order and remanded the matter for fresh consideration after affording the appellant a proper hearing, without expressing any opinion on the merits of the insolvency application itself.">
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