https://www.taxtmi.com/caselaws?id=287959 The appeal against the order admitting the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 based on a Consortium Agreement was dismissed by the National Company Law Tribunal, Mumbai Bench. The Tribunal held that the Consortium Agreement between banks did not bind the Corporate Debtor, and a Bank declaring a debt as Non-Performing Asset could proceed with initiating insolvency proceedings under Section 7 of the I&B Code without needing permission from other banks involved in the agreement. Therefore, the dismissal of the application due to the Consortium Agreement was deemed unsustainable, and the appeal was dismissed without costs awarded. en-us Tue, 11 Feb 2020 00:00:00 +0530 Tue, 12 May 2020 08:51:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287959 The appeal against the order admitting the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 based on a Consortium Agreement was dismissed by the National Company Law Tribunal, Mumbai Bench. The Tribunal held that the Consortium Agreement between banks did not bind the Corporate Debtor, and a Bank declaring a debt as Non-Performing Asset could proceed with initiating insolvency proceedings under Section 7 of the I&B Code without needing permission from other banks involved in the agreement. Therefore, the dismissal of the application due to the Consortium Agreement was deemed unsustainable, and the appeal was dismissed without costs awarded. Case-Laws Insolvency and Bankruptcy Tue, 11 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287959