2020 (1) TMI 1571 - AT - Insolvency and Bankruptcy

Appellate Tribunal Orders Appellant to Submit Settlement Terms; Warning of Insolvency Process Resumption

The Appellate Tribunal ordered the Appellant to submit proposed settlement terms/plan within 15 days, warning of resuming the Corporate Insolvency ... Filing of proposed settlement terms/ plan disclosing all material particulars with regard to completion of the project - HELD THAT:- Copy of the proposed settlement terms/ plan shall be provided in advance to the Resolution Professional. It is made clear that in the event of Appellant failing to provide settlement terms/ plan within 15 days, we may consider withdrawing the interim directions and resume Corporate Insolvency Resolution Process. Post the case ‘for orders’ on 17th February, 2020. The Appellate Tribunal directed the Appellant to file proposed settlement terms/plan within 15 days, failing which the Corporate Insolvency Resolution Process may resume. The Resolution Professional was instructed to receive all claims and provide a status report. The case was scheduled for orders on 17th February, 2020.