https://www.taxtmi.com/caselaws?id=449526 Debt and default remained established for section 7 admission where credit facilities were availed, security documents were executed, dues persisted, and the liability exceeded the statutory threshold. Classification of the account as NPA under the RBI prudential framework, and later permission to continue limited operations, did not erase the underlying default or defeat insolvency admission. For resolution plan approval, scrutiny remained limited to compliance with the Code, and the Committee of Creditors' commercial wisdom was not to be interfered with absent legal infirmity. The additional amount towards accrued interest was treated as part of the resolution design, so the plan was sustained. en-us Mon, 12 Feb 2024 00:00:00 +0530 Wed, 14 Feb 2024 07:14:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449526 Debt and default remained established for section 7 admission where credit facilities were availed, security documents were executed, dues persisted, and the liability exceeded the statutory threshold. Classification of the account as NPA under the RBI prudential framework, and later permission to continue limited operations, did not erase the underlying default or defeat insolvency admission. For resolution plan approval, scrutiny remained limited to compliance with the Code, and the Committee of Creditors' commercial wisdom was not to be interfered with absent legal infirmity. The additional amount towards accrued interest was treated as part of the resolution design, so the plan was sustained. Case-Laws Insolvency and Bankruptcy Mon, 12 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449526