The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) that the fact that a majority of consortium lenders are considering debt restructuring with the Corporate Debtor does not preclude an individual member from independently initiating insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 (Code) as per the facility agreement.
Brief Facts:
The Corporate Debtor (“CD”) – M/s Agson Global Private Limited obtained various Financial Facilities through a Joint Consortium of Lenders. The Joint Consortium Agreement was executed on 25.10.2017.
The Indian Bank has sanctioned Term Loan of working…
