NCLT admits fresh insolvency application filed on breach of consent terms by the debtor

Varun Marwah April 9 2018
false affidavit, Monnet Ispat

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 . . .

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