https://www.taxtmi.com/highlights?id=74891 Admissibility of section 7 application - CIRP - existence of debt and default or not - The NCLAT held that the financial distress and inability of the corporate debtor to repay its debt as per schedule led to the correct application of the Insolvency & Bankruptcy Code, 2016 (IBC). Additionally, the Tribunal supported the commercial wisdom of the Committee of Creditors (CoC) in approving a resolution plan that provided for the full claim of the secured financial creditor along with accrued interest, emphasizing the limited scope of judicial review over the CoC's decisions. en-us Wed, 14 Feb 2024 07:14:03 +0530 Wed, 14 Feb 2024 07:14:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74891 Admissibility of section 7 application - CIRP - existence of debt and default or not - The NCLAT held that the financial distress and inability of the corporate debtor to repay its debt as per schedule led to the correct application of the Insolvency & Bankruptcy Code, 2016 (IBC). Additionally, the Tribunal supported the commercial wisdom of the Committee of Creditors (CoC) in approving a resolution plan that provided for the full claim of the secured financial creditor along with accrued interest, emphasizing the limited scope of judicial review over the CoC's decisions. Highlights Insolvency and Bankruptcy Wed, 14 Feb 2024 07:14:03 +0530 https://www.taxtmi.com/highlights?id=74891