As per the case facts, Axis Bank initiated insolvency proceedings against Vidarbha Industries Power Limited. The appellate tribunal refused to stay these proceedings, despite the appellant arguing a significant amount ... was realizable from a prior order. The company appealed to the Supreme Court. The question arose whether the lower tribunals correctly held that debt and default automatically necessitate admitting an insolvency petition, disregarding other financial aspects. Finally, the Supreme Court allowed the appeal, setting aside the lower orders, and directing reconsideration of the stay application, stating that the existence of debt and default does not automatically mandate admission of the insolvency petition.