https://www.taxtmi.com/caselaws?id=428767 The Court upheld the validity of Section 7 of the Insolvency and Bankruptcy Code, 2016, emphasizing that joint applications by financial creditors with a total minimum threshold of Rs. 1 crore are permissible to initiate the corporate insolvency resolution process. The Court rejected the petitioner's argument that each individual creditor should meet the threshold, stating that the statute allows for collective action to reach the threshold. The Court dismissed the writ petition challenging the validity of Section 7 and granted the petitioner liberty to pursue other legal remedies against the NCLT's order. en-us Thu, 07 Jul 2022 00:00:00 +0530 Mon, 10 Oct 2022 23:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428767 The Court upheld the validity of Section 7 of the Insolvency and Bankruptcy Code, 2016, emphasizing that joint applications by financial creditors with a total minimum threshold of Rs. 1 crore are permissible to initiate the corporate insolvency resolution process. The Court rejected the petitioner's argument that each individual creditor should meet the threshold, stating that the statute allows for collective action to reach the threshold. The Court dismissed the writ petition challenging the validity of Section 7 and granted the petitioner liberty to pursue other legal remedies against the NCLT's order. Case-Laws Insolvency and Bankruptcy Thu, 07 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428767