TMI Blog2019 (9) TMI 967X X X X Extracts X X X X X X X X Extracts X X X X ..... t on 01.07.2019. This Adjudicating Authority possess necessary power and jurisdiction to permit a petitioner to withdraw its IB Petition at post admission stage and to recall the CIRP for this the consent from the members of the CoC, is not required because the COC has not been formally constituted - Therefore, there remains no legal impediment for accepting the proposal of settlement even at the post-admission stage of the IB Petition, because the CoC has not been formally constituted so far. Hence, the present application deserves to be allowed. Hence, it is allowed. It is further made clear that, in case full payment is not made within such stipulated period nor it is further extended by this Adjudicating Authority, then the IRP sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .06.2019 for initiation of Corporate Insolvency Resolution Process (CIRP). 4. It is stated that after making public announcement by the IRP for commencement of the Corporate Insolvency Resolution Process in respect of the Respondent - Corporate Debtor company it approached the Applicant - Financial Creditor and discussed the issue for settling the present matter by offering payment of ₹ 13,27,534/- towards full and final settlement of the outstanding debts of the Financial Creditor, thus, it made payment of the above stated settlement amount to the financial creditor through RTGS on 01.07.2019. It is reported that such payment has been duly received by the Financial Creditor, who is the applicant in the present applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before formal Constitution of the under Section 60(5) read with Rule 11 of the NCLT Rules, 2016 for seeking appropriate order for withdrawal of the IB Petition and for recalling the CIRP (Corporate Insolvency Resolution Process), as the matter has been settled between the parties and the corporate debtor has paid entire amount of settlement to the applicant on 01.07.2019. 9. The applicant, in support of its claim, has also placed reliance on the Judgment passed by the Hon'ble NCLAT, New Delhi in in case of Avishek Roy, Shareholder of Reacon Engineers (India) (P.) Ltd. v. Diamond Steel Enterprise [Company Appeal (AT) (Insolvency) No. 794 of 2018, dated 12-3-2019]. A copy of such decision is annexed with the present applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red Judicial precedent, it is now legally settled that this Adjudicating Authority possess necessary power and jurisdiction to permit a petitioner to withdraw its IB Petition at post admission stage and to recall the CIRP for this the consent from the members of the CoC, is not required because the COC has not been formally constituted. 12. Therefore, there remains no legal impediment for accepting the proposal of settlement even at the post-admission stage of the IB Petition, because the CoC has not been formally constituted so far. Hence, the present application deserves to be allowed. Hence, it is allowed. 13. Notwithstanding the above, it is expedient to issue necessary directions to the Petitioner-Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X
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