https://www.taxtmi.com/caselaws?id=458194 The NCLAT allowed an appeal challenging dismissal of an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The corporate debtor failed to adhere to a settlement payment schedule. The adjudicating authority had dismissed the operational creditor's revival application despite the settlement agreement containing a specific clause permitting revival in case of breach. The NCLAT held that when settlement terms explicitly provide for revival upon default, and default has occurred, rejecting the revival application denies the creditor's rightful remedy. The tribunal set aside the impugned order and allowed the appeal. en-us Mon, 12 Feb 2024 00:00:00 +0530 Mon, 14 Oct 2024 12:53:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458194 The NCLAT allowed an appeal challenging dismissal of an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The corporate debtor failed to adhere to a settlement payment schedule. The adjudicating authority had dismissed the operational creditor's revival application despite the settlement agreement containing a specific clause permitting revival in case of breach. The NCLAT held that when settlement terms explicitly provide for revival upon default, and default has occurred, rejecting the revival application denies the creditor's rightful remedy. The tribunal set aside the impugned order and allowed the appeal. Case-Laws IBC Mon, 12 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458194