There is no contempt of any order of a Tribunal as much as the CIRP petition u/s 9 of IBC, 2016 is disposed of on account of settlement occurred between parties – Posco -India Pune Processing Center Pvt. Ltd. Vs. Saptasatij Metatech Pvt. Ltd. – NCLT Mumbai Bench
The Adjudicating Authority observes that it is specifically observed that there is no contempt of any order of this Tribunal as much as the CP No. 1518 of 2017 u/s 9 of IBC, 2016 is disposed of on account of settlement occurred between parties having agreed on the same. In fact there is contravention of terms of settlement for which Applicant may seek remedy available under law before appropriate forum. The reliefs sought under this Application has no merits in it, Hence the same is liable to be dismissed.
