NCLAT Allows Restoration of IBC Case Despite Revival Clause Absence in Settlement

Dnyaneshwar Shankar Unde Vs Shukla Dairy Pvt. Ltd. (NCLAT Delhi) The National Company Law Appellate Tribunal (NCLAT), Delhi, has delivered a crucial judgment clarifying the enforceability of settlement agreements within the framework of the Insolvency and Bankruptcy Code (IBC), 2016. In the case of Dnyaneshwar Shankar Unde Vs Shukla Dairy Pvt. Ltd., the NCLAT set aside an order passed by the National Company Law Tribunal (NCLT) which had refused to restore an admitted insolvency petition following a breach of settlement terms. The NCLAT ruled that where the NCLT’s own prior order explici...