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2019 (9) TMI 967 - Tri - Insolvency and BankruptcyWithdrawal of petition - constitution of Committee of Creditors (CoC) - Section 60(5) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- As per record, the present application is moved by the applicant/financial creditor before formal Constitution of the under Section 60(5) read with Rule 11 of the NCLT Rules, 2016 for seeking appropriate order for withdrawal of the IB Petition and for recalling the CIRP (Corporate Insolvency Resolution Process), as the matter has been settled between the parties and the corporate debtor has paid entire amount of settlement to the applicant on 01.07.2019. This Adjudicating Authority possess necessary power and jurisdiction to permit a petitioner to withdraw its IB Petition at post admission stage and to recall the CIRP for this the consent from the members of the CoC, is not required because the COC has not been formally constituted - Therefore, there remains no legal impediment for accepting the proposal of settlement even at the post-admission stage of the IB Petition, because the CoC has not been formally constituted so far. Hence, the present application deserves to be allowed. Hence, it is allowed. It is further made clear that, in case full payment is not made within such stipulated period nor it is further extended by this Adjudicating Authority, then the IRP shall proceed further so as to complete the CIRP in respect of the Corporate Debtor company, as per the provisions of the Code. Petition disposed off.
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