Application u/s. 7 admitted as One-Time Settlement was not final settlement

Puneet Resutra Vs Jammu & Kashmir Bank Ltd. (NCLAT Delhi)

NCLAT Delhi held that application under Section 7 of the Insolvency and Bankruptcy Code for initiation of CIRP duly admissible since One-Time Settlement with guarantors didn’t amount to full and final satisfaction of loan vis-à-vis the Corporate Debtor.

Facts- The present appeal has been filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, by the Appellant, Mr. Puneet Resutra (erstwhile Director of M/s Ace Engineering (India) Private Limited), challenging the impugned order dated

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