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2021 (2) TMI 1277 - SC - Insolvency and BankruptcySeeking withdrawal of application under Section 12A of the Insolvency and Bankruptcy Code 2016 - preferential transaction within the prohibition contained in Section 43 or not - HELD THAT:- Reliance placed on Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, under which the adjudicating authority may permit withdrawal of an application on a request made by the applicant before its admission. Consequently, it has been urged that the private settlement which was entered into between the first and second respondents is contrary to the express provisions of the IBC and may even amount to a preferential transaction within the prohibition contained in Section 43. The impugned judgment and order of the NCLAT shall remain stayed - Issue notice, returnable in three weeks.
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