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2021 (8) TMI 1376 - AT - Insolvency and BankruptcySeeking stay on proceedings - settlement already arrived at (or not) - Intervenor is opposing the settlement claiming that the Corporate Debtor cannot settle merely with one of the Creditors - HELD THAT:- The 'Interim Resolution Professional' will place this order before the banks, in which accounts of 'Corporate Debtor' are maintained. The Bank Account(s) of the 'Corporate Debtor' be allowed to be operated through IRP/RP for day-to-day functioning of the company such as for payment of current bills of the Suppliers, salaries and Wages of the employees/workmen, electricity bills etc. On 10th August, 2021, the IRP are stayed from issuing publication. That order is recalled - The IRP may proceed further with CIRP but, however may not constitute Committee of Creditors till this matter comes up on next date. This time till next date the Appellant and Respondents are given so that if they want to take opportunity before the Adjudicating Authority to settle in terms of Section 12-A of IBC read with Rule 11 of NCLT Rules they may try to settle if they want to do that. If by the next date, Section 12-A of IBC Proceeding is not completed, the Interim Orders may or may not be continued. It is stated that Application under Section 12-A of IBC is already filed. If the parties have filed or if the parties file Application under Section 12-A of IBC read with Rule 11 of NCLT Rules through IRP or directly to the Adjudicating Authority, the Adjudicating Authority is requested to take up the same at the earliest and decide the same one way or the other as per law. List the Appeal 'For Admission (After notice)' Hearing on 13th September, 2021.
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