Despite CDEL's objections, the NCLT acknowledged the company's debt and default. The tribunal noted that CDEL had admitted to a repayment default of ₹14.24 crore in its annual reports for FY20, FY21, FY22, and FY23. "Thus, this is a clear-cut acknowledgement of the debt in the name of debenture holder," stated the NCLT bench while dismissing CDEL's arguments against IDBITSL initiating insolvency proceedings.