Mere Rescheduling Of Payment Through New Agreement Does Not Change Repayment Obligations Under Original Agreement: NCLAT

The NCLAT has ruled that a "mere rescheduling of payment through a new agreement does not change repayment obligations under the original agreement." The tribunal's decision clarifies a key procedural aspect of the IBC. The ruling reinforces the principle that a person cannot escape a debt that is for a valid reason. The court's decision is a crucial reminder to all that they must be diligent in their dealings.