The National Company Law Appellate Tribunal in an appeal against an order of the Kolkata bench NCLT admitting an application under Sec 9 of the Insolvency and Bankruptcy Code, 2019 , instructed the NCLT bench to close the ongoing insolvency proceeding on the grounds that the operational creditor and corporate debtor had reached a settlement on the amount. The NCLAT also observed that the application under Sec 9 was not admissible in the first place since there was an existing dispute between the parties. We at Reddy and Reddy Law Firm comprise a highly specialized team of lawyers to deal with all matters related to corporate insolvency, recovery of commercial debt and representation before the Mumbai bench of NCLT, Mumbai.

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