{"id":35915,"date":"2018-11-01T12:15:14","date_gmt":"2018-11-01T06:45:14","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=35915"},"modified":"2018-11-01T12:15:14","modified_gmt":"2018-11-01T06:45:14","slug":"sc-allows-two-firms-to-settle-loan-dispute","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/sc-allows-two-firms-to-settle-loan-dispute\/","title":{"rendered":"SC allows two firms to settle loan dispute:"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-national\/sc-allows-two-broke-firms-to-settle-dispute\/article19393183.ece\"><span style=\"font-weight: 400;\">SC allows two firms to settle loan dispute<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<p><b>Context<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The Supreme Court used its extraordinary constitutional powers to allow two companies to withdraw from insolvency proceedings and settle their loan dispute, despite the case being admitted to the <\/span><b>National Company Law Tribunal<\/b><span style=\"font-weight: 400;\"> (NCLT).<\/span><\/li>\n<\/ul>\n<p><b>The turn of events<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">If the NCLT acknowledges a case for initiating corporate insolvency resolution process under the Insolvency and Bankruptcy Code of 2016, it cannot be withdrawn even if the parties decide to settle the dispute between them.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">In sudden turn of events, a Bench of Justices used the Supreme Court\u2019s powers to do \u201ccomplete justice\u201d under Article 142 of the Constitution to bring quietus to the financial dispute between Lokhandwala Kataria Construction Pvt. Ltd. and Nisus Finance and Investment Manager LLP.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The court took on record the consent terms entered into by the companies and their undertaking to abide by them in settling the amounts due.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>SC allows two firms to settle loan dispute: Context The Supreme Court used its extraordinary constitutional powers to allow two companies to withdraw from insolvency proceedings and settle their loan dispute, despite the case being admitted to the National Company Law Tribunal (NCLT). The turn of events If the NCLT acknowledges a case for initiating&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/sc-allows-two-firms-to-settle-loan-dispute\/\">Continue reading <span class=\"screen-reader-text\">SC allows two firms to settle loan dispute:<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-35915","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=35915"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35915\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=35915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=35915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=35915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}