A Supreme Court Bench of Justice Rohinton Nariman and Justice Sanjay Kishan Kaul yesterday exercised powers under Article 142 of the Constitution to record consent terms between the parties post admission of the application under Insolvency and Bankruptcy Code, 2016.
The Mumbai Bench of NCLT had, in June 2017, initiated corporate insolvency resolution process against the corporate debtor, Lokhandwala Kataria Construction on an application filed by financial creditor, Nisus Finance & Investment Manager LLP under Section 7 of the Code.
Both parties to this application, however, approached the NCLAT after the case was admitted to record consent terms between them. The NCLAT refused to do so while observing Rule 8 of the Insolvency…
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