Majority Consent on Restructuring doesn’t Bar IBC Section 7 Filing by Lender

Apresh Garg Vs Indian Bank (Erstwhile Allahabad Bank) & Ors. (NCLAT Delhi)

NCLAT Delhi held that filing of application u/s. 7 of the IBC even after agreeing on restructuring of loan by majority of lenders is justifiable since all Lenders have their independent rights to take such measures as per their Bank’s policy. Accordingly, order admitting application u/s. 7 upheld.

Facts- This Appeal by a Suspended Director of the Corporate Debtor has been filed challenging order dated 30.01.2024 passed by the National Company Law Appellate Tribunal, New Delhi Be

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