Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2020 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 1526 - AT - Insolvency and BankruptcyWithdrawal of application admitted u/s 9 of the Insolvency and Bankruptcy Code, 2016 - appellant settled the matter with the ‘Operational Creditor’ prior to the constitution of the ‘Committee of Creditors’ - Rule 11 of the NCLAT Rules, 2016 - HELD THAT:- From the pleadings made by the Intervener - Rishu Goyal, Proprietor of Shaurya Impex, we find that after the impugned order dated 7th November, 2019, a public announcement was made on 11th November, 2019. According to the Intervener, he filed claim before the ‘Interim Resolution Professional’ on 19th November, 2019. However, the ‘Interim Resolution Professional’ asked for additional documents on 2nd December, 2019. Subsequently, by email dated 13th December, 2019 ‘Interim Resolution Professional’ informed that the claim is not legally tenable on oral agreement. Therefore, we are not inclined to deliberate on the issue with regard to the claim of the Intervener. Admittedly, this Appellate Tribunal by order dated 26th November, 2019 noticed the prayer made by one of the Shareholder/ Promoter that it intends to settle and allowed the Promoter to settle the matter with the ‘Operational Creditor’. The settlement was reached by next day as evident from Stamp Paper dated 27th November, 2019. The ‘Committee of Creditors’ was constituted thereafter on 28th November, 2019, about which the Adjudicating Authority was informed on 3rd December, 2019 - Therefore, it is found that the Promoters settled the matter with the ‘Operational Creditor’ prior to constitution of the ‘Committee of Creditors’ on 27th November, 2019 in view of the liberty given by the Appellate Tribunal. Application disposed off as withdrawn.
|