In Vidarbha Industries Power Ltd v Axis Bank Ltd (2022) the Supreme Court read 'may' in section 7(5)(a)…

The substituted section 7(5) says the Authority "shall", within fourteen days, by an order admit the application if satisfied that a default has occurred, the application is complete and no disciplinary proceeding is pending against the proposed resolution professional, and Explanation I adds that "no other ground shall be considered to reject an application". In Vidarbha the Court had held section 7(5)(a) to be discretionary, while Suresh Kumar Reddy said that once default is established "an order of admission under Section 7 of the IB Code must follow". The amendment settles the matter in favour of admission once the statutory conditions are met.