NCLAT rejects interim stay application by Kumud Jain against Kotak Mahindra Bank's CIRP initiation order.
Appellant argued CIRP was based on time-barred debt and improper pleading of OTS agreement in Section 7 application.
Tribunal upheld NCLAT's prior final judgment that OTS clause 6(i) revived original debt, making application maintainable.
The appeal will proceed to hearing on merits after respondent filings, with no stay on CIRP or CoC constitution.