https://www.taxtmi.com/highlights?id=95685 Pending one-time settlement negotiations with a bank consortium did not justify keeping Section 7 IBC proceedings in abeyance, since the settlement was never unconditionally approved by all consortium members and a borrower cannot claim OTS acceptance as a right; with debt and default undisputed, the financial creditor's statutory right to trigger CIRP could not be subordinated to any inter-creditor/consortium arrangement, leading to affirmation of CIRP admission. Consent of other consortium lenders was not a precondition for a single consortium member to file a standalone Section 7 application, so the admission order suffered no illegality and the appeal was dismissed. - NCLAT en-us Sat, 03 Jan 2026 13:00:27 +0530 Sat, 03 Jan 2026 13:00:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=95685 Pending one-time settlement negotiations with a bank consortium did not justify keeping Section 7 IBC proceedings in abeyance, since the settlement was never unconditionally approved by all consortium members and a borrower cannot claim OTS acceptance as a right; with debt and default undisputed, the financial creditor's statutory right to trigger CIRP could not be subordinated to any inter-creditor/consortium arrangement, leading to affirmation of CIRP admission. Consent of other consortium lenders was not a precondition for a single consortium member to file a standalone Section 7 application, so the admission order suffered no illegality and the appeal was dismissed. - NCLAT Highlights IBC Sat, 03 Jan 2026 13:00:27 +0530 https://www.taxtmi.com/highlights?id=95685