SC added NCLAT doesnt have power to allow recording of consent terms between parties after the case is admitted in NCLT.The Supreme Court has held that corporate debtors and financial creditors can settle their dispute even after corporate insolvency resolution proceedings are initiated by the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016. However, it said the National Company Law Appellate Tribunal (NCLAT) does not have the powers to allow recording of consent terms between parties after the case is admitted in the NCLT, but the parties desirous of going ahead with the settlement can approach the apex court for any such relief. This means that whenever such a situation crops up, the p…
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