TMI Blog2017 (8) TMI 1488X X X X Extracts X X X X X X X X Extracts X X X X ..... intly 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. - Company Appeal (AT) (Insolvency No. 60 of 2017, Company Appeal (AT) (Insolvency) No. 62 of 2017 - - - Dated:- 11-8-2017 - (Mr. Balvinder Singh) Member (Technical) and (Justice S.J. Mukhopadhaya) Chairperson For the Appellant: Shri Arvind Kumar and Ms Henna George, Advocates For the Respondent: Shri Abhishek Anand, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Rules) were sent to Appellant '- Bhatia Global Trading Limited and Appellant - Asian Natural Resources (India) Limited by Speed Post letter (s) both dated 8 th May 2017 which was duly served on the Bhatia Global Trading Limited on 12 th May 2017. Copies of the receipts of the Speed Post(s) and 'delivery receipt (s)' have been annexed with the reply. Ld. Counsel for the Respondent also brought to Our notice the order(s) both dated 12th May 2017 passed by the Ld Adjudicating Authority wherein the Ld Adjudicating Authority having noticed that nobody appeared on behalf of the 'Corporate Debtors' and date of hearing had not been informed to 'Corporate Debtors', directed to issue notice (s) of hearing to the respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Member Banks/ Trustee hereby agree to abide by the directions, instructions and clarifications, as may be given from time to time by the Lead Bank in consultation with second lead Bank in respect of any matters arising out of or in relation to the Cash Credit Account (s) or other Account (s) opened by the Borrower with the A Bank Consortium. However, in respect of share in the enhancement of the/additional/ad-hoc limit, the members' banks would be entitled/free to use their discretion. 3. Notwithstanding anything to the contrary contained in or arising out of or implied by the said consortium Agreement mid/or the Deed of Hypothecation and/or the Second Charge, it is hereby agreed and declared by and between the said Banks/Trustee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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: - Initiation of corporate insolvency resolution process by financial creditor - 7. (1) A financial creditor either by itself or jointly with other financial creditors may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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