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2019 (12) TMI 561 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIMaintainability of application - initiation of CIRP - Section 9 of the Insolvency and Bankruptcy Code, 2016 - Appellant is negotiating for settlement with the 'Operational Creditor' and no 'Committee of Creditors' has been constituted - HELD THAT:- Taking into consideration the fact that the 'Committee of Creditors' has not been constituted and the parties have already reached the settlement in the light of the decision of the Hon'ble Supreme Court in Swiss Ribbons (P.) Ltd. v. Union of India [2019 (1) TMI 1508 - SUPREME COURT] and being satisfied, we exercise inherent power under Rule 11 of the National Company Law Appellate Tribunal, 2016 and allow the Respondent-'Operational Creditor' to withdraw the application under Section 9. The impugned order dated 6th March, 2019 admitting the application under Section 9 stands set aside. The 'Terms of Settlement' should be treated to be a decision and decree of this Appellate Tribunal - Moratorium rejected - application preferred by Respondent under Section 9 of the 'I&B Code' is dismissed. Learned Adjudicating Authority will now close the proceeding.
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