Settlement in Section 7 or Dropping of Sec. 66 Proceedings does not Automatically End Proceedings under Section 43: NCLT [Read Order]

The NCLT held that merely because the proceedings under section 66 of the IB Code have been dropped against the Applicant, it would not by itself be sufficient to relieve the Applicant from the rigours of Section 43 of the Code
NCLT - NCLT Mumbai - National Company Law Tribunal - Insolvency and Bankruptcy Code - IBC - TAXSCAN

The Mumbai bench of the National Company Law Tribunal ( NCLT ) has held that settlement in Section 7 or dropping of Sec. 66 of the Insolvency and Bankruptcy Code, 2016 proceedings do not automatically end proceedings under Section 43 of the code. The application under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016…

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