https://www.taxtmi.com/caselaws?id=437963 A financial creditor may seek revival of a section 7 insolvency petition after withdrawal under section 12A where the settlement terms recorded before the Adjudicating Authority expressly preserve a right of revival on default. The consent terms formed part of the record and were the basis of withdrawal, so the absence of an express liberty clause in the withdrawal order was not decisive. A distinction was drawn between simple withdrawal based on an outside settlement and withdrawal founded on recorded consent terms. As the corporate debtor defaulted under the settlement, revival was held to be maintainable. en-us Mon, 15 May 2023 00:00:00 +0530 Fri, 19 May 2023 02:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437963 A financial creditor may seek revival of a section 7 insolvency petition after withdrawal under section 12A where the settlement terms recorded before the Adjudicating Authority expressly preserve a right of revival on default. The consent terms formed part of the record and were the basis of withdrawal, so the absence of an express liberty clause in the withdrawal order was not decisive. A distinction was drawn between simple withdrawal based on an outside settlement and withdrawal founded on recorded consent terms. As the corporate debtor defaulted under the settlement, revival was held to be maintainable. Case-Laws Insolvency and Bankruptcy Mon, 15 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437963