Glas Trust Company Llc vs Byju Raveendran

The Supreme Court addressed the appeal against the National Company Law Appellate Tribunal's judgment regarding the approval of a settlement under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Court examined the legal framework for withdrawal of Corporate Insolvency Resolution Process (CIRP) and the inherent powers of the NCLAT under Rule 11 of its Rules. The Court upheld the NCLAT's decision to approve the settlement, affirming that the objections raised by the appellant, a Financial Creditor, were properly rejected.