While the Supreme Court has, on more than one occasion, allowed settlement after admission of cases under the Insolvency and Bankruptcy Code, 2016 (IBC), it has done so with a caveat that the tribunals don’t have inherent powers to do so. The Supreme Court under Article 142 of the Constitution has the power to “pass such decree or make such order as is necessary for doing complete justice in any cause or matter pending before it.” But the NCLT and NCLAT don’t. The first time this question arose before the NCLAT, was in the case of Lokhandwala Kataria Construction, where the […]
The post <b>NCLT</b><i>(s)</i> allow settling cases post admission, despite Supreme Court orders
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