Supreme Court in its recent order allowed an aggrieved creditor to revive its Section 7 petition under IBC after a settlement between the corporate debtor and another financial creditor.
The NCLT order for initiation of resolution proceedings was set aside by the NCLAT in light of the settlement leaving the appellant aggrieved. The Supreme Court said,
"it will be open to the appellant to proceed against the Respondent No.1 before the NCLT for revival of its application"
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