Breach of Settlement Agreement terms Not A Ground to Trigger CIRP

Bajaj Rubber Company Private Limited Vs Saraswati Timber Private Limited (NCLT Delhi) NCLT held that breach of the terms and conditions of payment according to a Settlement Agreement does not come under the purview of the Operational Debt as defined under the IBC, 2016 and it cannot be a ground to trigger CIRP against the Corporate Debtor. FULL TEXT OF THE NCLT DELHI JUDGMENT/ORDER The present IA. No. 3247 of 2022 is preferred by M/s. Bajaj Rubber Company Private Limited (hereinafter referred to as the ‘Applicant’) filed through Sh. Sahit Bajaj, Director of the Company under Rule 1...