Settlement between parties cannot be directed by way of an order under IBC: NCLAT

Arun Kumar Vs Sripriya Kumar (NCLAT Chennai) NCLAT Chennai held that any kind of settlement is between the Parties and no settlement can be directed by way of an Order under the Provisions of Insolvency and Bankruptcy Code, 2016 (IBC, 2016). Facts- The present appeal is preferred against the impugned order, whereby and whereunder the ‘Adjudicating Authority’ has allowed the Application filed by the ‘Resolution Professional’ u/s. 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the ‘Resolution Plan’ submitted by the Consortium of Mr. S.M. Kamal Pasha and Mr. S...