In a recent decision, the Supreme Court used its powers under Article 142 of the Constitution to record consent between Lokhandwala Kataria and Nisus Finance and Investment Manager. This was a case under the Insolvency and Bankruptcy Code (IBC) filed by the former after losing the case in the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT). The financial creditor, Nisus Finance and Investment Manager LLP, had filed a case in the NCLT, which was admitted, after which, there was an appeal in the appellate tribunal by the debtor.
Read the full article at: http://www.business-standard.com/article/economy-policy/sc-allows-settlement-between-parties-even-after-case-is-admitted-under-ibc-117072700580_1.html