https://www.taxtmi.com/caselaws?id=764887 NCLAT dismissed appeal challenging admission of Section 7 application filed by Oriental Bank of Commerce for default of Rs.246 crores. Appellant argued only lead bank could initiate proceedings under inter-se agreement and that concurrent DRT proceedings precluded IBC remedy. NCLAT held that financial creditors can pursue IBC proceedings despite existing DRT proceedings, as IBC provides special remedy. Court found no error in admitting Section 7 application after establishing debt and default. However, NCLAT allowed possibility of withdrawal under Section 12-A if one-time settlement proposal is accepted by financial creditors within two weeks. en-us Wed, 15 Jan 2025 00:00:00 +0530 Mon, 20 Jan 2025 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764887 NCLAT dismissed appeal challenging admission of Section 7 application filed by Oriental Bank of Commerce for default of Rs.246 crores. Appellant argued only lead bank could initiate proceedings under inter-se agreement and that concurrent DRT proceedings precluded IBC remedy. NCLAT held that financial creditors can pursue IBC proceedings despite existing DRT proceedings, as IBC provides special remedy. Court found no error in admitting Section 7 application after establishing debt and default. However, NCLAT allowed possibility of withdrawal under Section 12-A if one-time settlement proposal is accepted by financial creditors within two weeks. Case-Laws IBC Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764887