NCLT cannot impel financial creditor to consider settlement proposed by Corporate Debtor

Punjab National Bank Vs Aban Offshore Ltd (NCLT Chennai)

NCLT Chennai held that discretionary power on NCLT u/s. 7(5)(a) of the Insolvency and Bankruptcy Code cannot be used to impel financial creditor to consider settlement proposed by Corporate Debtor. Accordingly, CIRP against Aban Offshore Limited admitted.

Facts- This petition has been filed by Punjab National Bank, financial creditor on 21.08.2024 under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,

Please become a Premium member. If you are already a Premium member, login here to access the full content.