Court Grants Respondent Time to Settle Before Starting Insolvency Process Under Insolvency and Bankruptcy Code Provisions.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Initiation of CIRP - Since the learned counsel for the Respondent conveyed the willingness of Respondent to settle the claim in question, we are inclined to give one more chance to settle the claim before initiating CIRP as prayed for. Therefore, it would be just and proper to grant time to the Respondent to settle the claim by disposing of the Petition, instead of keeping the case pending for settlement, which is not contemplated under the provisions of Code. - Tri....