Yes it's possible - but you need to define 'travelling at'.
At a constant groundspeed of 420kts the aircraft will always cover 7nm in one minute.
At an airspeed of 420kts the distance covered will depend on the wind effect.
Zero headwind would result in 420kts groundspeed and therefore 7nm covered in 1 minute.
A 180kts headwind (rare, but not impossible) would result in a 240kt groundspeed and therefore 4nm covered in 1 minute.
Assuming no wind, if you travelled at 420kt airspeed, but only covered 4nm ground distance simply because you were climbing, the vertical displacement would need to be in the region of 6nm or about 36000' (fag packet calculation, not heavy maths!!).
Then a rate of climb of 36000 ft per minute at a high speed would be required and that's literally rocket science!
A combination of strong headwind and high rate of climb might get into the 'possible department' - but I'll leave that to the mathematicians