A. Srinivasan filed an appeal against PMI Engineering Exports Pvt. Ltd. before the National Company Law Appellate Tribunal (NCLAT). A Memorandum of Understanding (MoU) dated February 7, 2020, was agreed upon between the parties. The existence of this MoU is undisputed. The Appellate Tribunal considered this MoU and disposed of the appeal without imposing any costs. The appellant, A. Srinivasan, is granted the liberty to file an application under Section 12A of the Insolvency and Bankruptcy Code, 2016. Until the Section 12A application is filed, the Committee of Creditors will not be constituted by the Interim Resolution Professional. This suggests the parties are attempting to settle the matter out of court.

A. Srinivasan filed an appeal against PMI Engineering Exports Pvt. Ltd. before the National Company Law Appellate Tribunal (NCLAT). A Memorandum of Understanding (MoU) dated February 7, 2020, was agreed upon between the parties. The existence of this MoU is undisputed. The Appellate Tribunal considered this MoU and disposed of the appeal without imposing any costs. The appellant, A. Srinivasan, is granted the liberty to file an application under Section 12A of the Insolvency and Bankruptcy Code, 2016. Until the Section 12A application is filed, the Committee of Creditors will not be constituted by the Interim Resolution Professional. This suggests the parties are attempting to settle the matter out of court.