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2022 (3) TMI 1217 - NATIONAL COMPANY LAW TRIBUNAL , CHANDIGARH BENCHSeeking withdrawal of petition - settlement arrived at between the parties prior to the constitution of Committee of Creditors of the Corporate Debtor - HELD THAT:- In the present case it is not disputed that CoC has not been constituted so far. The Hon'ble Apex Court in SWISS RIBBONS PVT. LTD. AND ANR. VERSUS UNION OF INDIA AND ORS. [2019 (1) TMI 1508 - SUPREME COURT] has held that at any stage, before a Committee of Creditors is constituted, a party can approach National Company Law Tribunal (NCLT) directly and that the Tribunal may, in exercise of its inherent powers under Rule 11 of NCLT Rules, allow or disallow an application for withdrawal or settlement. It is true that the procedure for preferring an application under Section 12A of the IBC is contained in Regulation 30A of the Corporate Insolvency Resolution Process Regulations, 2016. In the interest of justice, the Rule 11 of NCLT Rules, 2016 can be invoked in the instant case for withdrawal of petition - application allowed.
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