https://www.taxtmi.com/caselaws?id=287301 A financial creditor in a banking consortium cannot unilaterally invoke Section 7 of the Insolvency and Bankruptcy Code where the lending arrangement is governed by an inter se agreement requiring coordinated action and prior notice to the lead bank. The NCLT examined the Third Supplemental Inter Se Agreement and found that no stipulated prior notice to the lead bank was produced, while the creditor had independently withdrawn the credit facility and initiated insolvency proceedings. Section 7 was read in the context of the consortium's contractual obligations, and non-compliance with that agreed procedure was treated as fatal to maintainability. The application was therefore not maintainable and liable to be dismissed. en-us Thu, 14 Feb 2019 00:00:00 +0530 Wed, 08 Apr 2020 10:17:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287301 A financial creditor in a banking consortium cannot unilaterally invoke Section 7 of the Insolvency and Bankruptcy Code where the lending arrangement is governed by an inter se agreement requiring coordinated action and prior notice to the lead bank. The NCLT examined the Third Supplemental Inter Se Agreement and found that no stipulated prior notice to the lead bank was produced, while the creditor had independently withdrawn the credit facility and initiated insolvency proceedings. Section 7 was read in the context of the consortium's contractual obligations, and non-compliance with that agreed procedure was treated as fatal to maintainability. The application was therefore not maintainable and liable to be dismissed. Case-Laws Insolvency and Bankruptcy Thu, 14 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287301