An operational creditor withdrew his application on the basis of an settlement between OC and CD. Afterwards the CD failed to address the grievance of OC for which they reached the settlement. What remedy is available for OC in this regard and what is the time limit available to OC to proceed against CD?

The operational creditor can file application for CIRP again if the debt is not disputed debt. He has to follow procedure as per section 8 & 9 of IBC, 2016. The application shall be within time limit as specified in limitation Act.

Answer given by Shubhamm Sir at 26-Jan-2023 09:15 PM

Lakshmy ( Ernakulam )

Withdrawal of application of CIRP