Failing to adhere to terms and conditions of one time settlement, the Financial Creditor is entitled to file fresh Company Petition u/s 7 of IBC is justifiable? – M/s. ICICI Bank Limited Vs. M/s. OPTO Circuits (India) Ltd. – NCLAT Chennai

NCLAT held that the Adjudicating Authority in the impugned order with regard to sub para 4 of para 9 of the impugned order regarding the observation/liberty to file a fresh Company Petition by the Appellant Bank is erroneous and without application of mind and without following the Principles of Natural Justice and not adhering to the decision of this Tribunal being the Appellate Authority, is hereby quashed and set aside.

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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