https://www.taxtmi.com/caselaws?id=291731 The Tribunal validated the Consent Terms for settlement of outstanding debt, leading to the discharge of the Corporate Debtor and withdrawal of the Insolvency Petition under Section 12A of the IBC. The recent Supreme Court decision emphasized the importance of consulting the Committee of Creditors before settling claims, but in the absence of a constituted committee, the Tribunal allowed the withdrawal based on the settlement agreement and relevant factors, ultimately consigning the petition to records. en-us Mon, 06 May 2019 00:00:00 +0530 Tue, 24 Nov 2020 09:38:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291731 The Tribunal validated the Consent Terms for settlement of outstanding debt, leading to the discharge of the Corporate Debtor and withdrawal of the Insolvency Petition under Section 12A of the IBC. The recent Supreme Court decision emphasized the importance of consulting the Committee of Creditors before settling claims, but in the absence of a constituted committee, the Tribunal allowed the withdrawal based on the settlement agreement and relevant factors, ultimately consigning the petition to records. Case-Laws Insolvency and Bankruptcy Mon, 06 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291731