2022 (5) TMI 580 - NATIONAL COMPANY LAW TRIBUNAL , AMARAVATI BENCH - Insolvency & Bankruptcy

Head Note / Extract:
Seeking to restore the Application - initiation of CIRP against the Corporate Debtor on the grounds that the CP filed by the Applicant was withdrawn on the basis of the Memorandum of Understanding (MoU) - HELD THAT:- The contention that once the Application is revived, the Applicant would be entitled to claim the entire amount mentioned in the claim petition which he cannot do, in view of the fresh Memorandum of Understanding, is not at all cogent. A Memorandum of Understanding came into picture only to put an end to the issue and once the parties failed to comply with the terms of the MoU the situation as before the MoU would get revived in toto. The Application is allowed, restoring the main Petition.