CoC’s Arbitrary Rejection of Just Settlement Offer Can Be Overruled by NCLT/NCLAT

Jayshree Agnihotri Vs Nirmal Kumar Jain (NCLAT Delhi) NCLAT Dehi held that if the CoC arbitrarily rejects a just settlement offer, the Adjudicating Authority as well as the Appellate Authority can always set aside such a decision. Thus, order admitting section 7 application upheld. Facts- The present appeals have been filed u/s. 61 of Insolvency and Bankruptcy Code 2016 challenging two orders dated 16.10.2024 passed by the Adjudicating Authority. By the impugned order dated 16.10.2024, the Adjudicating Authority has admitted the Section 7 application filed by Nirmal Kumar Jain and other allo...