Inherent Powers Of Courts And Tribunals

A company petition filed by Nisus Finance & Investment Managers LLP ("Nisus") against Lokhandwala Kataria Construction Pvt. Ltd ("Lokhandwala") has caused much ado in the recent past.¹The brief facts of the case were that a company named Vista Homes Pvt. Ltd. raised monies by way of debentures under a debenture trust deed whereby the redemption of the debentures was inter alia guaranteed by Lokhandwala. Nisus acting as the facility agent has filed this petition on behalf of all the debenture holders. The Tribunal ordered that the corporate debtor was under obligation to make repayment to the debenture holders and therefore, the Corporate Insolvency Resolution Process was initiated and the interim insolvency resolution professional was appointed. However, the company and the creditor subsequently re-negotiated the repayment and reached a suitable financial arrangement. Consequently, the company paid part of the outstanding amounts as per the revised arrangement between