The Tribunal held that if the Corporate Debtor had genuinely contested the revocation, they would have referred to payments made towards the entire settlement amount or demanded their NDC
The bench of the National Company Law Appellate Tribunal (NCLAT) in New Delhi has ruled that financial creditors who have signed a settlement agreement with the corporate debtor that was later broken are not barred from applying Section 7 of the Insolvency and Bankruptcy Code, 2016 (Code). Even if the parties have signed a settlement agreement, the substance of the obligation has not altered.
Certain…
