Appeal Dismissed, Financial Creditor Allowed to Reinstate CIRP

Bagh Bahar Appliances Pvt. Ltd. Vs Unity Small Finance Bank Ltd. (NCLAT Delhi)  National Company Law Appellate Tribunal (NCLAT), Delhi, has dismissed an appeal by Bagh Bahar Appliances Pvt. Ltd. (the Corporate Debtor), thereby upholding an order that revived the Corporate Insolvency Resolution Process (CIRP). The NCLAT’s decision confirms that a CIRP, which was withdrawn based on a settlement, can be reinstated if the terms of that settlement are breached. Case Background Unity Small Finance Bank Ltd. (the Financial Creditor) had filed a petition under Section 7 of the Insolvency and Ba...