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2022 (7) TMI 615 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , NEW DELHISeeking withdrawal of the CIRP proceedings initiated against the M/s. Anand Divine Developers Private Limited by the Financial Creditor i.e., ICICI Prudential Venture - Section 12A of the IBC r/w Regulation 30A of the IBBI (CIRP) Regulations, 2016 and Rule 11 of the NCLT Rules, 2016 - HELD THAT:- An Inherent Power, is to be pressed into service by a Tribunal/ an Appellate Tribunal based on the well settled proposition of Law that an Act of Tribunal/ Court of Law, shall cause any prejudice, hardship, inconvenience to an Homo-sapien in the considered opinion of this Tribunal. In aid of delivering justice to the Stakeholders, an Inherent Power can be exercised by a Tribunal. An inherent powers breadth is co-extensive with the necessity. It transpires that the Adjudicating Authority (NCLT), Principal Bench, New Delhi, on 25.05.2022, had allowed I.A. No. 2391 of 2022 filed by the Appellant/Petitioner/Financial Creditor (under Section 12A of the I & B Code read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016, for withdrawal of the Corporate Insolvency Resolution Process) initiated against the Respondent/Corporate Debtor, based on the Settlement entered into between the Parties, prior to the formation of the Committee of Creditors. In reality, as per the Terms of Settlement read in terms of the Deed of Adherence, the Respondent in unambiguous and unequivocal terms had consented and agreed for Revival/Restoration of Corporate Insolvency and Resolution Process against the Respondent/Corporate Debtor in the event of any default, being committed thereto. This Tribunal pertinently points out that in the Terms of Settlement dated 21.04.2022, in Clause 12, it was mentioned that because of the Settlement, the Appellant/Petitioner wished to conditionally withdraw the Section 7 Petition filed against the Corporate Debtor, subject to the Corporate Debtor, Corporate Debtor Group and Confirming Parties (as defined in the Terms of Settlement) unconditionally complying with all covenants contained in the Terms of Settlement. In the instant Appeal, the Appellant is an individual whose right is infringed upon by an act complained of, having substantial and tangible, reasonable, grouse and a genuine grievance and as such, the instant Appeal preferred by the Appellant is perfectly maintainable in Law, as opined by this Tribunal. The impugned order dated 25.05.2022, passed by the Adjudicating Authority (NCLT), Principal Bench, New Delhi, in I.A. No. 2391 of 2022 in C.P. IB No. 1101 (PB)/2020, stands modified by this Tribunal and the instant Company Appeal (AT) (INS) No. 703 of 2022 is disposed of.
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