Application Under Section 7 Of IBC Cannot Be Admitted After Settlement Between Parties : NCLAT[Read Judgment]

The National Company Law Appellate Tribunal headed by Chariman Justice S J Mukhopadhyaya has declared illegal the admission of application under Section 7 of the Insolvency and Bankruptcy Code after settlement between the parties.In this case, after the application for initiation of corporate resolution process was filed under Section 7 of IBC, the parties entered into a settlement. Although...