The Chennai bench of the National Company Law Tribunal (NCLT) has held that the discretionary right of the tribunal under the Insolvency and Bankruptcy Code (IBC), 2016 cannot be used to Impel Financial Creditor to consider Settlement.
Punjab National Bank, financial creditor the petitioner applied Section 7 of the Insolvency and Bankruptcy Code, 2016 (“the Code”) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (“the AAA Rules”) through Mr. C.J. Ranjith , Chief Manager for initiating CorporateInsolvency Resolution Process ( “CIRP”) in respect of Aban Offshore Limited, the Corporate Debtor (CD).
The petitioner is a banking company that…