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NCLT Admits CIRP Application; Post-CoC Settlement Needs 90% Approval, December 8 Settlement Can't Challenge November 11 Order.

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....CIRP - NCLT admitted the application - settlement entered into by the parties - Any settlement after passing of the impugned order and after constitution of the CoC is only permissible when the same is approved with 90% vote share of CoC. Hence, the settlement dated 08.12.2022, which is relied by the Appellant in this Appeal can be of no ground to interfere with the impugned order dated 11.11.2022. - AT....

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NCLT Admits CIRP Application; Post-CoC Settlement Needs 90% Approval, December 8 Settlement Can't Challenge November 11 Order.