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Insolvency and BankruptcyFebruary 14, 2024Case LawsAT
Admissibility of section 7 application - CIRP - existence of debt and default or not - The NCLAT held that the financial distress and inability of the corporate debtor to repay its debt as per schedule led to the correct application of the Insolvency & Bankruptcy Code, 2016 (IBC). Additionally, the Tribunal supported the commercial wisdom of the Committee of Creditors (CoC) in approving a resolution plan that provided for the full claim of the secured financial creditor along with accrued interest, emphasizing the limited scope of judicial review over the CoC's decisions.
Admissibility of section 7 application - CIRP - existence of debt and default or not - The NCLAT held that the financial distress and inability of the corporate debtor to repay its debt as per schedule led to the correct application of the Insolvency & Bankruptcy Code, 2016 (IBC). Additionally, the Tribunal supported the commercial wisdom of the Committee of Creditors (CoC) in approving a resolution plan that provided for the full claim of the secured financial creditor along with accrued interest, emphasizing the limited scope of judicial review over the CoC's decisions.
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