Revival/restore of CIRP petition even no liberty was granted to the Applicant to get the Petition revived nor there was any stipulation in the consent terms – OCS Group (India) Pvt. Ltd. Vs. Mystical Constructions Pvt. Ltd. – NCLT Mumbai Bench
December 4, 2024
Hon’ble NCLT Mumbai Bench held that the Corporate Debtor cannot be allowed to take advantage of its own wrongs. The said liberty in the given situation can be construed to be a liberty to get the Petition revived and it would be just and equitable if the Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by the Applicant, which was dismissed on the basis of consent terms, is revived to be decided on merits. In case neither the Petition is revived nor a contempt is issued against the Corporate Debtor, it will cause grave injustice to the Applicant who would be rendered remediless.