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of <h1>Supreme Court India overturns NCLT/NCLAT orders, acknowledges settlement between parties. Appeal under IBC 2016.</h1> <h3>M/s SHIPRA HOTELS LTD. Versus M/s. VALUE LINES INTERIORS PVT. LTD.</h3> The Supreme Court of India set aside the orders of the NCLT and NCLAT, recording a settlement between the parties. The appeal was disposed of, noting that ... Invocation of section 12A of the Insolvency and Bankruptcy Code, 2016 - the admission of the petition was on 01.06.2018, whereas section 12A enacted with effect from 06.06.2018 - HELD THAT:- Since the admission of the petition was on 01.06.2018, Section 12A, The Insolvency and Bankruptcy Code, 2016 enacted with effect from 06.06.2018 will not come into the picture. Impugned order set aside - appeal disposed off. The Supreme Court of India set aside the orders passed by the National Company Law Tribunal and the National Company Law Appellate Tribunal. The court took on record a settlement between the parties on 31.07.2018. The appeal was disposed of accordingly. Section 12A of The Insolvency and Bankruptcy Code, 2016 was not applicable as the petition was admitted before its enactment.
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