NCLAT Dismisses Appeal Against CIRP Admission, Allows Settlement via Section 12A

Lal Chand Morani Vs Satyendra Prasad Khornia & Ors. (NCLAT Delhi) National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by Lal Chand Morani against an order that initiated the Corporate Insolvency Resolution Process (CIRP) against him. The tribunal, however, provided a path for the appellant to seek a withdrawal of the insolvency proceedings by filing an application under Section 12A of the Insolvency and Bankruptcy Code (IBC). The case originated from a Section 7 application filed by Kotak Mahindra Bank Limited with the Adjudicating Authority. The authority, in its...