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2022 (7) TMI 1409 - AT - Insolvency and BankruptcyApplication for revival of Corporate Insolvency Resolution Process (CIRP) rejected - in the corporate insolvency process, settlement reached between the parties - HELD THAT:- The Consent Terms clearly entitle the Financial Creditor to revive the Section 7 petition in event any default of the terms of the Consent Terms - Further, the order dated 05.02.2020 cannot be read as an order by which Consent Terms has not been taken on record when by the said order application filed alongwith the consent terms under Rule 11 of NCLT rules, 2016 was taken on record and was allowed. When the application was allowed in terms of the consent terms, Clause 8 itself shall be treated to be part of the order which shall entitle the Financial Creditor to revive the petition in the event of any default. Judgment of this Tribunal which has been relied by the Respondent in Krishna Garg and Anr. vs. Pioneer Fabricators Pvt. Ltd. [2021 (2) TMI 1344 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] was a case where neither settlement terms were filed nor the same were brought on the record - The facts in the present case are distinguishable from the above case as Consent Terms were filed and also were taken on record by the Adjudicating Authority. When the Adjudicating Authority allowed the application filed, the Consent Terms were also taken record and the Financial Creditor was fully entitled to seek revival of the Section 7 petition in event of default of consent terms. The Section 7 petition is revived - appeal allowed.
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