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IBC - Highlights / Catch Notes

Home Highlights February 2024 Year 2024 This

Admissibility of section 7 application - CIRP - existence of ...

Insolvency and Bankruptcy

February 14, 2024

Admissibility of section 7 application - CIRP - existence of debt and default or not - The NCLAT held that the financial distress and inability of the corporate debtor to repay its debt as per schedule led to the correct application of the Insolvency & Bankruptcy Code, 2016 (IBC). Additionally, the Tribunal supported the commercial wisdom of the Committee of Creditors (CoC) in approving a resolution plan that provided for the full claim of the secured financial creditor along with accrued interest, emphasizing the limited scope of judicial review over the CoC's decisions.

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