In Puneet Resutra v. Jammu & Kashmir Bank Ltd., the National Company Law Appellate Tribunal (NCLAT), Delhi, dismissed the appeal filed by a shareholder of M/s Ace Engineering (India) Pvt. Ltd., thereby upholding the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the company. The key issues before the Tribunal