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NCLAT dismissed the appeal challenging a Section 7 insolvency application filed by Indian Bank. Despite holding only 2.47% share in the consortium lending, the bank was deemed entitled to initiate insolvency proceedings. The tribunal found the corporate debtor's default undisputed, and rejected alternative debt resolution proposals submitted by the appellant due to lack of tied-up funding and contingent financial sources. The National Company Law Appellate Tribunal affirmed the Adjudicating Authority's order, holding that the minimal lending proportion does not preclude the bank from pursuing legal remedies under the Insolvency and Bankruptcy Code. The appeal was consequently dismissed, maintaining the original Section 7 application's admission.
NCLAT dismissed the appeal challenging a Section 7 insolvency application filed by Indian Bank. Despite holding only 2.47% share in the consortium lending, the bank was deemed entitled to initiate insolvency proceedings. The tribunal found the corporate debtor's default undisputed, and rejected alternative debt resolution proposals submitted by the appellant due to lack of tied-up funding and contingent financial sources. The National Company Law Appellate Tribunal affirmed the Adjudicating Authority's order, holding that the minimal lending proportion does not preclude the bank from pursuing legal remedies under the Insolvency and Bankruptcy Code. The appeal was consequently dismissed, maintaining the original Section 7 application's admission.
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