High Court dismisses plea to accept OTS after CIRP commencement, upholds IBC supremacy.

The High Court dismissed a petition challenging the rejection of a One Time Settlement (OTS) proposal after the commencement of the Corporate Insolvency Resolution Process (CIRP) for a subsidiary entity. The court emphasized the supremacy of the Insolvency and Bankruptcy Code (IBC) over the Reserve Bank of India's framework once CIRP is initiated. The petitioner delayed approaching the court, affecting its credibility. The court ruled it cannot force the sole financial creditor to accept an OTS after CIRP starts, as it involves the Committee of Creditors (CoC). The petitioner had alternative remedies under the IBC but did not pursue them. .....

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