Mr. Nimish Mansukhlal Vora Vs. M/s. S.J. Impex & Ors. – NCLAT New Delhi

Learned counsel appearing on behalf of the Appellant submits that after filing of the application under Section 7 of the ‘I&B Code’, but before its admission, the parties were negotiating for settlement, to enable the contesting Respondents- ‘M/s. S.J. Impex’- (‘Financial Creditor’) to withdraw the application in terms of Rule 8 of the ‘Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016’. Prayer was made before the Adjudicating Authority to adjourn the Company Petition to enable the parties to file terms of settlement but it was not allowed. He further submits that the parties have already reached settlement and has enclosed the copy of the same. The aforesaid stand has also been accepted by the learned counsel appearing on behalf of ‘M/s. S.J. Impex’- (‘Financial Creditor’) who filed the application under Section 7 of the ‘I&B Code’.

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