Petition under IBC 2016 cannot be withdrawn by mutual settlement: NCLT

CS ANJALI GORSIA

NCLT REJECTS WITHDRAWAL PETITION (DATED 29/05/2017): EVEN AFTER PARTIES AGREES FOR SETTLEMENTS?

Insolvency and Bankruptcy Code 2016, is the Federal Law for the benefit and relief of creditors and their debtors in cases in which the latter are unable to / unwilling to pay their debts.

An application for commencement of Corporate Insolvency Resolution to “National Company tribunal Law” (NCLT) which is designated as the Adjudicating Authority for the purpose dealing with insolvency, bankruptcy, winding up of companies, LLP, corporate debtors. Appeals from orders of NCLT lies with the NCLAT can be made process can be filed by

1. Financial Creditor (FC)(under section 7 of IBC),

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