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2019 (12) TMI 1517 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Financial Creditors or Operational Creditors - pre-existing dispute or not - Appellant submits that already a Summary Suit has been filed by Ms. Rupa Gaur therefore no application under Section 9 of I&B Code is maintainable their being a pre-existing dispute - HELD THAT:- In view of the fact that the ‘Committee of Creditors’ have not been constituted, which is also accepted by Mr. Atul Tandon, Interim Resolution Professional and also has reached settlement with both the creditors, as discussed above and it is a going concern, we exercise power conferred to us under Rule 11 of NCLAT Rule, 2016 and set aside the impugned order dated 4th July, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench and dispose of the application under Section 9 filed by ‘M/s Famous Innovations Digital Creative Pvt. Ltd.’ (1st Respondent) as withdrawn. The Corporate Debtor - ‘M/s Famous Innovations Digital Creative Pvt. Ltd.’ is released from the rigour of Corporate Insolvency Resolution Process. The Appellant is directed to pay the rest of the amount to the Interim Resolution Professional within three weeks - Appeal allowed.
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