As per case facts, Power Trust (promoter) appealed against the NCLAT's order upholding the NCLT's admission of a Section 7 IBC application against Hiranmaye Energy Limited (Corporate Debtor). The Corporate ... Debtor defaulted on a loan, and subsequent restructuring proposals failed due to unfulfilled conditions. The financial creditor initiated CIRP. The Appellant argued the default date fell within the Section 10A bar, that restructuring proposals novated the original loan, and that the Corporate Debtor's viability should have been considered. The Appellant also sought consideration of its settlement proposals, which were rejected by the CoC. The question arose whether the CIRP was barred by Section 10A, whether the loan was novated, and if the Adjudicating Authority should consider viability. Finally, the Supreme Court ruled that Section 10A was inapplicable as the default predated it and restructuring proposals never became binding. The Court affirmed that the Adjudicating Authority's role is limited to verifying default and debt, and upheld the CoC's commercial wisdom in rejecting settlement proposals. The appeal was dismissed, and the stay on CIRP was vacated.