NCLT admits fresh insolvency application filed on breach of consent terms by the debtorApril 9 2018
More often than not, an insolvency application filed by an operational creditor under the Insolvency and Bankruptcy Code, 2016 (IBC) results into settlement between the triggering creditor and the corporate debtor. Typically, such settlements are recorded by way of consent terms, which are filed with the National Company Law Tribunal (NCLT).
But what happens when the corporate debtor fails to honour its debt under the consent terms?
In a first of its kind case, the consent terms so entered . . .
This content is restricted to subscribers
With a premium account you get:
- One year of unrestrcited access to previous interviews, columns and articles
- One year access to all archival material
- Access to all Bar & Bench reports