Supreme Court: NCLT cannot direct parties to settle a dispute

The Supreme Court in its recent judgment in ES Krishnamurthy vs. M/s. Bharath Hi-Tech Builders Private Limited has held that the NCLT cannot compel any party to settle a dispute.
Supreme Court: NCLT cannot direct parties to settle a dispute
NCLT

Introduction

The Supreme Court in its recent judgment in E.S. Krishnamurthy and Ors. vs. M/s. Bharath Hi-Tech Builders Private Limited held that the NCLT cannot compel any party to settle a dispute. The Court was reiterating that the powers of the National Company Law Tribunal under Section 7 of the Insolvency and Bankruptcy Code are restricted only to verifying whether or not a ‘default’ has occurred, basis which it may decide to either admit or reject an application for initiation of corporate insolvency resolution process (CIRP).

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