Case withdrawal rejected despite settlement agreement

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In the case of Parker Hannifin India Private Limited v Prowess International Private Limited, the Kolkata bench of National Company Law Tribunal (NCLT) recently ruled on the aspect of withdrawal of an insolvency petition based on a settlement arrived at between the parties after it had been admitted under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).

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The dispute digest is compiled by Bhasin & Co, Advocates, a corporate law firm based in New Delhi. The authors can be contacted at lbhasin@bhasinco.in or lbhasin@gmail.com. Readers should not act on the basis of this information without seeking professional legal advice.

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