https://www.taxtmi.com/caselaws?id=390537 NCLAT set aside the Adjudicating Authority's order initiating CIRP against the corporate debtor, conditionally allowing amicable settlement terms to be complied with by August 2020. The settlement terms were treated as tribunal directions binding all parties including promoters. CIRP process was suspended pending compliance, with provision for revival upon breach of settlement terms or default of post-dated cheques. Upon successful compliance, the Section 7 application would be deemed withdrawn; otherwise, the CIRP order would be recalled and proceedings would continue. en-us Fri, 06 Dec 2019 00:00:00 +0530 Tue, 18 Feb 2025 13:19:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390537 NCLAT set aside the Adjudicating Authority's order initiating CIRP against the corporate debtor, conditionally allowing amicable settlement terms to be complied with by August 2020. The settlement terms were treated as tribunal directions binding all parties including promoters. CIRP process was suspended pending compliance, with provision for revival upon breach of settlement terms or default of post-dated cheques. Upon successful compliance, the Section 7 application would be deemed withdrawn; otherwise, the CIRP order would be recalled and proceedings would continue. Case-Laws IBC Fri, 06 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390537