Any settlement after constitution of CoC is only permissible when the same is approved with 90% vote share of CoC – Rajendra Pandurang Barde Vs. Amit Steels – NCLAT New Delhi

In this case, Operational Creditor proceeded with the Application even after 07.12.2022, which indicates that Operational Creditor was not fully satisfied with the settlement, if any reached. Even according to the Appellant’s case, full payment under the said settlement was never made before admission of Section 9 Application. The Corporate Debtor does not appear before the Adjudicating Authority, nor raised any defense and the debt and default is proved as held by the Adjudicating Authority, no error was committed by the Adjudicating Authority in admitting Section 9 Application.

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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

IBC-Case Laws-NCLAT
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