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The NCLAT held that the appropriate recourse for the appellant is to permit the financial creditors to file an application u/s 12A through the IRP as per Regulation 30A of CIRP Regulations, 2016. The acceptance of a one-time settlement (OTS) can justify withdrawal of insolvency proceedings u/s 12A, provided CIRP costs are addressed and other financial creditors' rights are considered. The appeal was disposed of, allowing the financial creditor, Indian Bank, to file a Section 12A application through the IRP within two weeks.
The NCLAT held that the appropriate recourse for the appellant is to permit the financial creditors to file an application u/s 12A through the IRP as per Regulation 30A of CIRP Regulations, 2016. The acceptance of a one-time settlement (OTS) can justify withdrawal of insolvency proceedings u/s 12A, provided CIRP costs are addressed and other financial creditors' rights are considered. The appeal was disposed of, allowing the financial creditor, Indian Bank, to file a Section 12A application through the IRP within two weeks.
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