The proceedings u/s 9 of IBC is summary in nature & it is not possible for the Adjudicating Authority to go into the questions whether the Respondent could or could not have unilaterally withdraw from the MoU & Indemnity Bond given- Indo Alusys Industries Limited vs. SMW Metal Private Limited – NCLAT
NCLAT held that the proceeding under Section 9 of IBC is summary in nature. It is not possible for the Adjudicating Authority to go into the questions whether the Respondent could or could not have unilaterally withdraw from the MoU and Indemnity Bond given; whether when the understanding has been reduced into writing, evidence other than what is stated in the document could or could not be admissible
