The National Company Law Tribunal (NCLT), Kolkata Bench, has in its recent ruling in the case of Parker Hannifin India Private Limited v/s Prowess International Private Limited, ruled on the aspect of withdrawal of insolvency petition based on a settlement arrived at between the disputant parties after it has been admitted under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).
Factual Matrix:
An application was filed by Parker Hannifin India Private Limited against Prowess International Private Limited for initiating corporate insolvency resolution process under section 8 and 9 of the IBC. Vide its order dated 20 April 2017, the NCLT admitted the aforesaid petition and inter alia appointed an interim insolvency res…
Read the full article at: https://barandbench.com/nclt-rejects-withdrawal-parties-propose-settlement/