https://www.taxtmi.com/caselaws?id=463032 The NCLT Kolkata admitted the Section 7 application filed by the Financial Creditor for initiating CIRP against the Corporate Debtor due to non-payment of debt and failure to adhere to settlement terms despite repeated extensions. The tribunal noted suspicious conduct by both parties, suggesting collusion and misuse of time, as the Financial Creditor's counsel inconsistently supported the Corporate Debtor during proceedings. Given the absence of any withdrawal application and the clear failure of the settlement agreement, the tribunal held the case fit for admission and initiated CIRP, declaring a moratorium accordingly. en-us Thu, 21 Oct 2021 00:00:00 +0530 Fri, 01 Aug 2025 22:57:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463032 The NCLT Kolkata admitted the Section 7 application filed by the Financial Creditor for initiating CIRP against the Corporate Debtor due to non-payment of debt and failure to adhere to settlement terms despite repeated extensions. The tribunal noted suspicious conduct by both parties, suggesting collusion and misuse of time, as the Financial Creditor's counsel inconsistently supported the Corporate Debtor during proceedings. Given the absence of any withdrawal application and the clear failure of the settlement agreement, the tribunal held the case fit for admission and initiated CIRP, declaring a moratorium accordingly. Case-Laws IBC Thu, 21 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463032