https://www.taxtmi.com/caselaws?id=307924 A corporate insolvency resolution process withdrawn on the basis of a private settlement, without liberty to revive, cannot be recalled merely because the settlement is later alleged to have been breached. The tribunal treated the withdrawal as final, noting that the settlement was not incorporated as a tribunal-supervised arrangement and that insolvency proceedings cannot be used repeatedly as a recovery tool for non-payment under a private compromise. The application to recall the termination order was therefore not maintainable, and the termination of the insolvency proceeding remained undisturbed, leaving the applicant to pursue other remedies in law. en-us Thu, 08 Apr 2021 00:00:00 +0530 Mon, 16 Feb 2026 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307924 A corporate insolvency resolution process withdrawn on the basis of a private settlement, without liberty to revive, cannot be recalled merely because the settlement is later alleged to have been breached. The tribunal treated the withdrawal as final, noting that the settlement was not incorporated as a tribunal-supervised arrangement and that insolvency proceedings cannot be used repeatedly as a recovery tool for non-payment under a private compromise. The application to recall the termination order was therefore not maintainable, and the termination of the insolvency proceeding remained undisturbed, leaving the applicant to pursue other remedies in law. Case-Laws IBC Thu, 08 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307924