Whether a proceeding that has been withdrawn without leave to revive the proceeding, can be restored & Whether a settlement agreement can constitute a financial debt or an operational debt – Pawan Putra Securities Pvt. Ltd. Vs. Wearit Global Ltd. – NCLT Kolkata Bench
April 18, 2022
The Adjudicating Authority has held the fact in the present I.A. is for restoration of the main Company Petition that was originally filed for default in payment of Inter Corporate Deposit and not for default in a settlement agreement. The present I.A. has not been filed to initiate CIRP proceedings against the Corporate Debtor but only to restore the Company Petition. The Company Petition will be dealt with on its merits but at this stage we find it prudent to restore the Company Petition and allow the I.A.