https://www.taxtmi.com/caselaws?id=426821 The court upheld the validity and interpretation of Section 7 of the Insolvency and Bankruptcy Code, 2016, allowing a group of financial creditors to jointly initiate Corporate Insolvency Resolution Process (CIRP) without each creditor meeting the individual default threshold of Rs.1 crore. The court emphasized that the provision permits both individual and joint applications, aiming to expedite resolution processes, particularly for smaller financial creditors and cases involving MSMEs. The writ petition challenging the order of the National Company Law Tribunal was dismissed, affirming the permissibility of joint applications under Section 7. en-us Mon, 25 Jul 2022 00:00:00 +0530 Thu, 25 Aug 2022 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426821 The court upheld the validity and interpretation of Section 7 of the Insolvency and Bankruptcy Code, 2016, allowing a group of financial creditors to jointly initiate Corporate Insolvency Resolution Process (CIRP) without each creditor meeting the individual default threshold of Rs.1 crore. The court emphasized that the provision permits both individual and joint applications, aiming to expedite resolution processes, particularly for smaller financial creditors and cases involving MSMEs. The writ petition challenging the order of the National Company Law Tribunal was dismissed, affirming the permissibility of joint applications under Section 7. Case-Laws Insolvency and Bankruptcy Mon, 25 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426821