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2017 (8) TMI 1488 - AT - Insolvency and BankruptcyInitiation of corporate insolvency resolution process by financial creditor - right of any Financial Institution to file application under Section 7 of the I&B Code - Held that:- Rules of natural justice was followed before admitting the applications. Apart from the Inter-se Agreement between different banks is not binding in nature, the 'Corporate Debtors' not being signatories cannot derive advantage of such Inter-se Agreement. This apart, the 'financial creditors' having right to file application under Section 7 of the I&B Code, individually or jointly on behalf of other 'financial creditors' as quoted below, the Inter-se Agreement between the 'financial creditors' cannot override the said provision, nor can take away the right of any Financial Institution to file application under Section 7 of the I&B Code. For the reasons aforesaid, while we reject the submission made on behalf of the appellants, in absence of any merit, dismiss both the appeals.
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