Court Prioritizes Corporate Survival Over Promoter Group; No Fraud Found in Audit at Consortium Meeting, Feb 2021.

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Full Text of the Document

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....Non-viability of the financial arrangement between the Corporate Creditors and the Corporate Debtor - This Court is not at all unmindful of the primacy of the IBC proceedings. This Court is also not at all unmindful of the fact that the survival of the corporate entity, viz. the Appellant No.1/the Company, as distinguished from its Promoter Group, shall be given due and deep consideration under the IBC. At the same time this Court must record the fact that a select Audit placed before the said Consortium Meeting dated 17th February, 2021, did not suspect the Appellant No.1/the Company of any mala fide financial action. - HC....