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        Case ID :
        Insolvency and Bankruptcy

        Reinstating CIRP - Failure of corporate debtor to replay as per...

        Corporate Debtor Meets Settlement Terms on Time, Avoids CIRP Reinstatement Despite Initial Non-Compliance.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Reinstating CIRP - Failure of corporate debtor to replay as per the settlement agreement - essence of time in the Settlement Agreement - Appellant has not been able to make out a clear-cut case in his favor. The Settlement Agreement, as has been operated by both the parties, does not show that time was of essence in it. Moreover, the Corporate Debtor has paid the full and final settlement amount by January 2021 to the Operational Creditor. Therefore the term of the Settlement Agreement that provides for reinstatement or fresh filing of the application for initiating Corporate Insolvency Resolution Process for the Corporate Debtor is not triggered. - AT
                                Note: It is a system-generated summary and is for quick reference only.
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