https://www.taxtmi.com/caselaws?id=443667 The Tribunal upheld the validity of the Section 7 Application under the Insolvency and Bankruptcy Code, 2016, initiated by the Central Bank of India against the Corporate Debtor for defaulting under the One Time Restructuring Proposal (OTR) Agreement. The Tribunal clarified that the default date under the OTR Agreement was outside the Section 10A period, allowing the Financial Creditor to proceed with insolvency proceedings. Consequently, the appeal was dismissed, affirming the order admitting the Section 7 Application. en-us Tue, 26 Sep 2023 00:00:00 +0530 Thu, 28 Sep 2023 21:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443667 The Tribunal upheld the validity of the Section 7 Application under the Insolvency and Bankruptcy Code, 2016, initiated by the Central Bank of India against the Corporate Debtor for defaulting under the One Time Restructuring Proposal (OTR) Agreement. The Tribunal clarified that the default date under the OTR Agreement was outside the Section 10A period, allowing the Financial Creditor to proceed with insolvency proceedings. Consequently, the appeal was dismissed, affirming the order admitting the Section 7 Application. Case-Laws Insolvency and Bankruptcy Tue, 26 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443667