https://www.taxtmi.com/caselaws?id=297148 The National Company Law Tribunal, Kolkata Bench, allowed the corporate debtor a limited opportunity to convene creditors and pursue approval of a scheme of arrangement under the Companies Act, 2013 before admission of the pending section 7 insolvency application. This was done in view of an appellate direction requiring notice to the corporate debtor before admission and the proposal for settlement/creditor approval. The Tribunal directed filing of the settlement materials and the financial creditor's response, and made clear that if approval was not obtained within the stipulated time, the corporate debtor would stand admitted into CIRP under the section 7 petition. en-us Wed, 18 Dec 2019 00:00:00 +0530 Sat, 21 Aug 2021 08:31:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297148 The National Company Law Tribunal, Kolkata Bench, allowed the corporate debtor a limited opportunity to convene creditors and pursue approval of a scheme of arrangement under the Companies Act, 2013 before admission of the pending section 7 insolvency application. This was done in view of an appellate direction requiring notice to the corporate debtor before admission and the proposal for settlement/creditor approval. The Tribunal directed filing of the settlement materials and the financial creditor's response, and made clear that if approval was not obtained within the stipulated time, the corporate debtor would stand admitted into CIRP under the section 7 petition. Case-Laws Insolvency and Bankruptcy Wed, 18 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297148