https://www.taxtmi.com/caselaws?id=287301 The tribunal dismissed the Financial Creditor's petition under Section 7 of the IBC due to non-compliance with the Third Supplemental Inter Se Agreement. The Financial Creditor's failure to provide the mandatory notice to the Lead Bank rendered the petition not maintainable. The tribunal highlighted the importance of honoring contractual obligations and acting in accordance with consortium agreements. The Financial Creditor's unilateral actions, including classifying the account as an NPA and discontinuing credit facilities, were found to breach the contract terms. The petition was dismissed with liberty to file a fresh petition following legal requirements. 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 The tribunal dismissed the Financial Creditor's petition under Section 7 of the IBC due to non-compliance with the Third Supplemental Inter Se Agreement. The Financial Creditor's failure to provide the mandatory notice to the Lead Bank rendered the petition not maintainable. The tribunal highlighted the importance of honoring contractual obligations and acting in accordance with consortium agreements. The Financial Creditor's unilateral actions, including classifying the account as an NPA and discontinuing credit facilities, were found to breach the contract terms. The petition was dismissed with liberty to file a fresh petition following legal requirements. Case-Laws Insolvency and Bankruptcy Thu, 14 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287301