Admission of Section 7 petition upheld; CIRP to continue under IBC and CIRP Regulations, 2016

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....NCLAT upheld the Adjudicating Authority's admission of the Section 7 petition and dismissed the appeal, directing continuation of the CIRP under the I&B Code and CIRP Regulations, 2016. The Tribunal reaffirmed that the I&B Code is a comprehensive code governing resolution of corporate debtors and that the Committee of Creditors (CoC) enjoys commercial discretion to evaluate Expressions of Interest and settlement proposals. The appellant's revised OTS, including proposals involving a co-developer and investor, was considered but ultimately rejected by the consortium of banks; earlier approved OTS had lapsed. Banks opposing the appeal sought continuation of CIRP, and the Tribunal ordered resolution proceedings to proceed in accordance with law.....