NCLAT upholds NCLT order admitting Canara Bank's insolvency petition against Prayag Polytech Pvt. Ltd.
Appellant disputed debt citing No Due Certificates, but court found financial debt and default proven.
Outstanding debt claimed was Rs. 34.14 crore as of June 2024, with account declared NPA in October 2019.
Court dismissed appeal, noting debt acknowledgments in financial statements and a 2022 letter from the company.