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Continuation of CIRP after a genuine repayment offer may be stopped where the sole creditor has been fully paid and no other claims exist. The Code is aimed at revival of the corporate debtor, not compulsory divestiture or settling personal scores. On these facts, refusal by the sole-member CoC to accept settlement without any justifiable reason was treated as arbitrary and as misuse of the insolvency process. Once malicious intent or abuse became apparent during the proceedings, the Tribunal could terminate the CIRP itself rather than wait for separate penal consequences.
Continuation of CIRP after a genuine repayment offer may be stopped where the sole creditor has been fully paid and no other claims exist. The Code is aimed at revival of the corporate debtor, not compulsory divestiture or settling personal scores. On these facts, refusal by the sole-member CoC to accept settlement without any justifiable reason was treated as arbitrary and as misuse of the insolvency process. Once malicious intent or abuse became apparent during the proceedings, the Tribunal could terminate the CIRP itself rather than wait for separate penal consequences.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
