As per case facts, Canara Bank initiated insolvency proceedings against a Corporate Debtor for outstanding financial debt, including overdrafts and bank guarantees. The NCLT admitted the application, which was upheld ... by NCLAT. The appellant, a suspended Director, appealed, arguing that the NCLT had discretion to refuse admission even with debt and default, citing efforts for a one-time settlement and the Bank's refusal to extend guarantees as reasons for the default. The appellant also pointed to a High Court interim order restraining coercive action. The question arose whether the NCLT possesses discretionary power to reject a Section 7 application of the Insolvency and Bankruptcy Code, even when a financial debt and default are established, and how previous Supreme Court rulings on this matter should be interpreted. Finally, the Supreme Court clarified that NCLT's discretion is limited; once a financial debt and default are established, admission under Section 7 is mandatory unless the application is incomplete. It reaffirmed that its decision in `Vidarbha Industries` was context-specific and reiterated the binding precedent that NCLT must admit if default is proven. The Court found no "good reasons" in the appellant's conduct or the High Court's interim order to deny the application, thus dismissing the appeal.