https://www.taxtmi.com/caselaws?id=294487 An insolvency application disposed of on recorded settlement terms may be restored under Rule 11 of the NCLT Rules, 2016 when the settlement is breached. The Tribunal treated non-compliance with the payment terms as sufficient cause to invoke its inherent powers and rejected the objection that the applicant was confined to filing a fresh application. It held that a liberty to initiate a fresh proceeding does not, by itself, bar restoration where enforcement of the recorded settlement is sought. The objection based on disqualification of directors was also rejected, and the application was allowed with restoration of the insolvency matter to the file. en-us Thu, 28 Jan 2021 00:00:00 +0530 Sat, 17 Apr 2021 11:01:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294487 An insolvency application disposed of on recorded settlement terms may be restored under Rule 11 of the NCLT Rules, 2016 when the settlement is breached. The Tribunal treated non-compliance with the payment terms as sufficient cause to invoke its inherent powers and rejected the objection that the applicant was confined to filing a fresh application. It held that a liberty to initiate a fresh proceeding does not, by itself, bar restoration where enforcement of the recorded settlement is sought. The objection based on disqualification of directors was also rejected, and the application was allowed with restoration of the insolvency matter to the file. Case-Laws Insolvency and Bankruptcy Thu, 28 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294487