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Financial creditor's insolvency petition under Section 7 was based on admitted debt and default, supported by multiple OTS proposals; the Adjudicating Authority found the initiation not mala fide or fraudulent and rejected the corporate debtor's challenge under Section 65, leaving admission and IRP appointment intact. The tribunal affirmed that the financial creditor was entitled to proceed under the IBC when debt and default exist. With the CoC constituted, settlement proposals must now be considered within the resolution framework and the parties remain entitled to pursue a one-time settlement or the Swiss challenge route and to take steps under the resolution process applicable post-CoC formation.
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