https://www.taxtmi.com/caselaws?id=752624 The NCLAT dismissed an appeal filed by an Independent Director of a Corporate Debtor challenging the admission of a financial creditor's claim. The appellant argued that a One Time Settlement (OTS) from 2008 barred the claim, but the tribunal found the OTS had been revoked. The financial creditor's claim was properly admitted under Section 7 of IBC, 2016, supported by correspondence and corporate records. The appellant had knowledge of the claim and Committee of Creditors constitution from the beginning, and no fault was found in the Resolution Professional's decision to admit the claim. en-us Mon, 13 May 2024 00:00:00 +0530 Wed, 15 May 2024 09:19:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752624 The NCLAT dismissed an appeal filed by an Independent Director of a Corporate Debtor challenging the admission of a financial creditor's claim. The appellant argued that a One Time Settlement (OTS) from 2008 barred the claim, but the tribunal found the OTS had been revoked. The financial creditor's claim was properly admitted under Section 7 of IBC, 2016, supported by correspondence and corporate records. The appellant had knowledge of the claim and Committee of Creditors constitution from the beginning, and no fault was found in the Resolution Professional's decision to admit the claim. Case-Laws Insolvency and Bankruptcy Mon, 13 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752624