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Corporate insolvency resolution process initiated under IBC due to debt or default by corporate debtor. Unilateral cancellation of settlement agreement alleged. Court examined prerequisites for novation, finding no specific clauses for extinguishing old obligations or superseding old contract. Settlement agreement only pertained to disposal of mortgaged properties. Court relied on precedent where subsequent agreement after breach did not constitute novation, with original contract remaining valid. Existing loans sanctioned decades ago and assigned to respondent creditor established debt and default. Unusual delay in recovery process noted. Appeal dismissed, finding no merit.
Corporate insolvency resolution process initiated under IBC due to debt or default by corporate debtor. Unilateral cancellation of settlement agreement alleged. Court examined prerequisites for novation, finding no specific clauses for extinguishing old obligations or superseding old contract. Settlement agreement only pertained to disposal of mortgaged properties. Court relied on precedent where subsequent agreement after breach did not constitute novation, with original contract remaining valid. Existing loans sanctioned decades ago and assigned to respondent creditor established debt and default. Unusual delay in recovery process noted. Appeal dismissed, finding no merit.
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