The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that the right of the financial creditor to seek revival of the original application filed under Section 7 of the Code cannot be taken away merely because a settlement agreement was reached, if the corporate debtor failed to comply with the terms of the settlement agreement.
The present appeal has been filed against an order passed by the Adjudicating Authority by which it allowed the revival of the Application filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (Code) by the Anchor Point Developers Pvt. Ltd. to…