The case involves a petition before the National Company Law Tribunal (NCLT), New Delhi Bench. A compromise was reached between the parties, where the Corporate Debtor tendered 5 cheques, 3 of which were post-dated. The Financial Creditor's counsel accepted the cheques as full and final satisfaction of the claim.
A compromise was reached between the parties in a case before the NCLT. The Corporate Debtor provided 5 cheques to the Financial Creditor, with 3 of them being post-dated. The Financial Creditor's counsel accepted these cheques as full and final settlement of the claim. Consequently, the petitioner (likely the Financial Creditor) sought to withdraw the petition, but with the condition that they could restore it if the cheques were dishonored. The NCLT then disposed of the petition, granting the petitioner the liberty to restore it if the post-dated cheques are dishonored. This ensures that the Financial Creditor has recourse if the settlement fails.
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The case involves a petition before the National Company Law Tribunal (NCLT), New Delhi Bench. A compromise was reached between the parties, where the Corporate Debtor tendered 5 cheques, 3 of which were post-dated. The Financial Creditor's counsel accepted the cheques as full and final satisfaction of the claim.
A compromise was reached between the parties in a case before the NCLT. The Corporate Debtor provided 5 cheques to the Financial Creditor, with 3 of them being post-dated. The Financial Creditor's counsel accepted these cheques as full and final settlement of the claim. Consequently, the petitioner (likely the Financial Creditor) sought to withdraw the petition, but with the condition that they could restore it if the cheques were dishonored. The NCLT then disposed of the petition, granting the petitioner the liberty to restore it if the post-dated cheques are dishonored. This ensures that the Financial Creditor has recourse if the settlement fails.
Hearing before the New…
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