NCLT Approves CIRP u/s 7 of IBC, Rejects Debtor's Inter Creditor Agreement Defense for Loan Default.

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....Initiation of CIRP u/s 7 of IBC - NCLT admitted the application - basic requisites of Debt and Default, that are required to be examined and proven - It is to be remembered that the Corporate Debtor, cannot seek an umbrage, under the Inter Creditor Agreement, with a view to avoid, evade, circumvent and supplant its obligation(s), in terms of the ‘Loan Facility Agreement’. - the Corporate Debtor has not furnished any material evidence to suggest that, it will be in a position to repay the amounts, owed to the Lenders. - Appeal dismissed - AT....