Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2020 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 1121 - AT - Insolvency and BankruptcyApplication for withdrawal of application under Section 9 - CIRP process - constitution of Committee of Creditors - settlement agreement entered - HELD THAT:- The parties having settled the matter on 30th October, 2019 i.e. before the constitution of Committee of Creditors and application having filed by 'M/s Syndicate Interglobe' (Operational Creditor) for withdrawal of application under section 9, the Adjudicating Authority instead of adjourning the matter should have passed appropriate order in exercise of power conferred under Rule 11 of the NCLT Rules, 2016. The Adjudicating Authority having failed to do so, we exercise inherent power conferred under Rule 11 of NCLAT Rules, 2016 and set aside the Corporate Insolvency Resolution Process initiated against 'M/s Global Fragrances (P.) Ltd.' (Corporate Debtor) by order dated 25th September, 2019 and allow the application filed by the Respondent - 'M/s Syndicate Interglobe' (Operational Creditor)for withdrawal of application under section 9. The Company Petition stands disposed of as withdrawn.
|