Corporate debtor gets chance to settle dues under IBC Section 12A.

The NCLAT held that the appropriate recourse for the appellant is to permit the financial creditors to file an application u/s 12A through the IRP as per Regulation 30A of CIRP Regulations, 2016. The acceptance of a one-time settlement (OTS) can justify withdrawal of insolvency proceedings u/s 12A, provided CIRP costs are addressed and other financial creditors' rights are considered. The appeal was disposed of, allowing the financial creditor, Indian Bank, to file a Section 12A application through the IRP within two weeks. .....

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