2021 (1) TMI 1303

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of the Court and once this was the position, giving liberty to the Financial Creditor to come back can be interpreted on no hypothesis other than that the revival of CIRP would be sought for non-compliance with the Terms of Settlement. Therefore, even on merit, there are no substance in the instant appeal. Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 1060 of 2020 - - - Dated:- 7-1 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... th October, 2020, the Adjudicating Authority allowed restoration of Company Petition. The instant appeal has been preferred by one of the erstwhile Directors assailing the impugned order on the ground that revival could not be allowed by invoking Rule 11 of the NCLT Rules, 2016. Learned counsel for the Appellant submits that an application under Section 9 of the Insolvency and Bankruptcy Code, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ded in the order that non-compliance would warrant revival/ restoration of the CIRP proceedings. We have gone through the order dated 29th August, 2019 passed by the Adjudicating Authority in terms whereof the Company Petition was disposed off after recording the Terms of Settlement. It appears that the Terms of Settlement providing a repayment schedule was incorporated in the order thereby mak .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X