https://www.taxtmi.com/caselaws?id=339003 In a winding-up petition, the Court permitted intervention by a consortium lender at the admission stage, holding that creditors' wishes may be considered where their interests are materially affected. It also held that RBI circulars on Joint Lenders' Forum and Corrective Action Plan had statutory force and bound banking companies, requiring lenders to pursue the restructuring framework before recovery action. Given the overwhelming opposition of creditors by value, ongoing restructuring, and the revival prospects of the company, the Court found winding up to be a discretionary remedy that should not be used where it would frustrate collective creditor interests. The petition was therefore dismissed. en-us Tue, 14 Feb 2017 00:00:00 +0530 Fri, 17 Feb 2017 06:42:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339003 In a winding-up petition, the Court permitted intervention by a consortium lender at the admission stage, holding that creditors' wishes may be considered where their interests are materially affected. It also held that RBI circulars on Joint Lenders' Forum and Corrective Action Plan had statutory force and bound banking companies, requiring lenders to pursue the restructuring framework before recovery action. Given the overwhelming opposition of creditors by value, ongoing restructuring, and the revival prospects of the company, the Court found winding up to be a discretionary remedy that should not be used where it would frustrate collective creditor interests. The petition was therefore dismissed. Case-Laws Companies Law Tue, 14 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339003