https://www.taxtmi.com/caselaws?id=288798 The Adjudicating Authority proceeded with the final hearing despite delays caused by a rejected settlement proposed by the corporate debtor. A discrepancy arose over the approval of an One Time Settlement (OTS) proposal, with the court emphasizing the need to address the issue. The corporate debtor mentioned ongoing SARFEASI proceedings and offered a settlement exceeding asset liquidation value. The Tribunal noted parallel proceedings under SARFEASI Act and Insolvency & Bankruptcy Code, warning against forum shopping and potential penalties. The Tribunal directed the bank to justify auction proceedings before issuing a formal notice, emphasizing the court's role in resolution rather than recovery. en-us Fri, 19 Jul 2019 00:00:00 +0530 Tue, 30 Jun 2020 11:34:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288798 The Adjudicating Authority proceeded with the final hearing despite delays caused by a rejected settlement proposed by the corporate debtor. A discrepancy arose over the approval of an One Time Settlement (OTS) proposal, with the court emphasizing the need to address the issue. The corporate debtor mentioned ongoing SARFEASI proceedings and offered a settlement exceeding asset liquidation value. The Tribunal noted parallel proceedings under SARFEASI Act and Insolvency & Bankruptcy Code, warning against forum shopping and potential penalties. The Tribunal directed the bank to justify auction proceedings before issuing a formal notice, emphasizing the court's role in resolution rather than recovery. Case-Laws Insolvency and Bankruptcy Fri, 19 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288798