Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2021 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (1) TMI 1131 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIAdmission of application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 is set aside - CoC not constituted - rejection on the ground that a settlement has been arrived at between the Respondent No.1- Creditor and the Corporate Debtor - HELD THAT:- Keeping in view the dictum of the Hon’ble Apex Court in “Swiss Ribbons and Ors. V. Union of India & Ors [2019 (1) TMI 1508 - SUPREME COURT], the Corporate Debtor may avail the opportunity of seeking exit from Corporate Insolvency Resolution Process (CIRP) at the stage of pre-constitution of COC but whether the same takes care of interest of all the stakeholders involved and can be permitted is a decision to be taken by the Adjudicating Authority on the peculiar facts of the case. It would, therefore, be appropriate for the Appellant to approach the Adjudicating Authority to seek exit from CIRP by filing the terms of settlement and the Adjudicating Authority will have to pass the appropriate order. Since it is submitted by learned counsel for the Appellant that the Adjudicating Authority could not be accessed due to holidays it is deemed appropriate to dispose off this appeal with direction to Appellant to approach the Adjudicating Authority for seeking exit after filing Settlement Terms before it. To enable the Appellant to seek such exit, we direct that the COC shall not be constituted for one week from today.
|