Mumbai: Just seven months after the operationalization of the Insolvency and Bankruptcy Code (IBC), it has been tested by the apex court.
The Supreme Court on Monday ruled that a settlement can be considered and a case can be withdrawn after insolvency proceedings have started against a company.
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It was hearing a case concerning corporate debtor Lokhandwala Kataria Construction Pvt. Ltd on an application filed by financial creditor Nisus Finance and Investment Manager LLP.
Also Read: NCLT allows insolvency proceedings against Bhushan Steel, Bhushan Power
The Mumbai bench of the National Company Law Tribunal (NCLT) on 15 June initiated a corporate insolvency resolution process against the debtor.
Later, the company and …
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