https://www.taxtmi.com/caselaws?id=767048 The NCLAT Principal Bench dismissed an appeal challenging admission of a Section 7 application filed by a bank. The corporate debtor submitted three different settlement plans backed by various investors, but all financial creditors including the applicant bank and two other lenders unanimously rejected the proposals. YEIDA, claiming Rs. 751 crores, also opposed the settlement. Homebuyers' associations similarly rejected any settlement plan. The Tribunal held that given the huge liabilities and unanimous rejection by stakeholders, the case required resolution through the statutory IBC framework rather than settlement, and confirmed the Adjudicating Authority's decision to admit the insolvency application. en-us Thu, 06 Mar 2025 00:00:00 +0530 Mon, 10 Mar 2025 08:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767048 The NCLAT Principal Bench dismissed an appeal challenging admission of a Section 7 application filed by a bank. The corporate debtor submitted three different settlement plans backed by various investors, but all financial creditors including the applicant bank and two other lenders unanimously rejected the proposals. YEIDA, claiming Rs. 751 crores, also opposed the settlement. Homebuyers' associations similarly rejected any settlement plan. The Tribunal held that given the huge liabilities and unanimous rejection by stakeholders, the case required resolution through the statutory IBC framework rather than settlement, and confirmed the Adjudicating Authority's decision to admit the insolvency application. Case-Laws IBC Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767048