TMI Blog2017 (7) TMI 1148X X X X Extracts X X X X X X X X Extracts X X X X ..... not be withdrawn and is required to follow the procedures laid down under Sections 13, 14, 15, 16 and 17 of I&B Code, 2016. Even the Financial Creditor cannot be allowed to withdraw the application once admitted, and matter cannot be closed till claim of all the creditors are satisfied by the corporate debtor. Mere admission without subsequent step of advertisement having carried out, would not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is no merit, the question of exercising inherent power does not arise. - Company Appeal (AT) (Insolvency) No. 95 of 2017 - - - Dated:- 13-7-2017 - Justice S.J. Mukhopadhaya Chairperson and Balvinder Singh Member (Technical) For the Appellant: - Shri Abhiman Vashist, Sr. Advocate, Shri Peshwan Jehangir and Shri Snehal Kakrania, Advocates For Respondent: Shri Shiv Kumar Suri and Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, this application is fit for initiating corporate insolvency resolution process. Accordingly, this application is hereby admitted. Learned counsel appearing on behalf of the respondent - Financial Creditor submitted that the parties have settled the dispute and part amount has already been paid. This is also highlighted by learned counsel for Corporate Debtor. However, such settlement can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... matter cannot be closed till claim of all the creditors are satisfied by the corporate debtor. Mere admission without subsequent step of advertisement having carried out, would not amount to refusal of claim of other creditors. Such submission as made by learned counsel for the appellant cannot be accepted in view of the provisions of the Act. Learned counsel for the appellant requests to e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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