https://www.taxtmi.com/caselaws?id=442461 The appeal was allowed, and the impugned ex-parte order dated 16.12.2022 admitting the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was set aside. The Tribunal found errors in the Adjudicating Authority's handling of the proceedings and emphasized that the out-of-court settlement between the Corporate Debtor and the Financial Creditor, where the Corporate Debtor agreed to pay Rs. 24 Crores, resolved the dispute. The Tribunal directed the Intervenor (Union Bank of India) to pursue its claim independently, separate from the resolved case, and allowed the Financial Creditor's legal proceedings to continue independently. en-us Tue, 29 Aug 2023 00:00:00 +0530 Sat, 02 Sep 2023 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442461 The appeal was allowed, and the impugned ex-parte order dated 16.12.2022 admitting the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was set aside. The Tribunal found errors in the Adjudicating Authority's handling of the proceedings and emphasized that the out-of-court settlement between the Corporate Debtor and the Financial Creditor, where the Corporate Debtor agreed to pay Rs. 24 Crores, resolved the dispute. The Tribunal directed the Intervenor (Union Bank of India) to pursue its claim independently, separate from the resolved case, and allowed the Financial Creditor's legal proceedings to continue independently. Case-Laws Insolvency and Bankruptcy Tue, 29 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442461