https://www.taxtmi.com/caselaws?id=433558 The appeal was dismissed by the Tribunal, upholding the order admitting the Section 7 Application by the Financial Creditor under the I&B Code, 2016. The Tribunal found that the breach of consent terms did not prevent the Financial Creditor from initiating the application as the nature of the debt claimed remained financial. It was determined that the original financial debt, not just the breach of consent terms, formed the basis of the application. The Tribunal also clarified that the Financial Creditor was entitled to file the application independently despite the inaction of majority debenture holders. en-us Wed, 01 Feb 2023 00:00:00 +0530 Fri, 03 Feb 2023 06:31:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433558 The appeal was dismissed by the Tribunal, upholding the order admitting the Section 7 Application by the Financial Creditor under the I&B Code, 2016. The Tribunal found that the breach of consent terms did not prevent the Financial Creditor from initiating the application as the nature of the debt claimed remained financial. It was determined that the original financial debt, not just the breach of consent terms, formed the basis of the application. The Tribunal also clarified that the Financial Creditor was entitled to file the application independently despite the inaction of majority debenture holders. Case-Laws Insolvency and Bankruptcy Wed, 01 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433558