https://www.taxtmi.com/caselaws?id=772492 A lender's Section 7 insolvency application was upheld where debt and default were admitted, the consortium minutes preserved each lender's right to pursue recovery, and an in-principle proposal to transfer the account to NARCL did not extinguish the applicant bank's remedy. The filing pre-dated the consortium decision, so maintainability was not impaired. Settlement proposals raised in appeal were also rejected because they depended on uncertain funding sources, had already been declined by the assignee of the debt, and were not materially improved on revision. No judicial direction to compel settlement consideration was warranted, and the CIRP was allowed to continue. en-us Thu, 15 May 2025 00:00:00 +0530 Tue, 10 Jun 2025 08:43:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772492 A lender's Section 7 insolvency application was upheld where debt and default were admitted, the consortium minutes preserved each lender's right to pursue recovery, and an in-principle proposal to transfer the account to NARCL did not extinguish the applicant bank's remedy. The filing pre-dated the consortium decision, so maintainability was not impaired. Settlement proposals raised in appeal were also rejected because they depended on uncertain funding sources, had already been declined by the assignee of the debt, and were not materially improved on revision. No judicial direction to compel settlement consideration was warranted, and the CIRP was allowed to continue. Case-Laws IBC Thu, 15 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772492