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TMI Blog2019 (1) TMI 1678X X X X Extracts X X X X X X X X Extracts X X X X ..... : Mr. K. Venugopal Senior Advocate assisted by Mr. Pawan Sharma, Mr. Anuj Shah and Mr. Rishabh Sharma, Advocates For Respondents: Mr. Ashish Agarwal and Mr. Gurcharan Singh, Advocates for Respondent. Mr. Tarun Kumar Banga, IRP ORDER The appellant - Shareholder (Corporate Debtor) has challenged the order dated 10th January, 2019 passed by the Adjudicating Authority (National Company Law Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Banga, Interim Resolution Professional, who is present, submits that in view of the 'Terms of Settlement', the resolution cost and fee has already been paid to him. 4. It is informed by the Interim Resolution Professional that advertisement was issued asking for claims but 'Committee of Creditors' have not been constituted. 5. In the case of 'Swiss Ribbons Pvt. Ltd. & Anr. vs. Union of India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y time within 30 days from the date of appointment of the interim resolution professional). We make it clear that at any stage where the committee of creditors is not yet constituted, a party can approach the NCLT directly, which Tribunal may, in exercise of its inherent powers under Rule 11 of the NCLT Rules, 2016, allow or disallow an application for withdrawal or settlement. This will be decide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o impugned order and action taken by the 'Resolution Professional', including the advertisement published in the newspaper calling for applications all such orders and actions are declared illegal and are set aside. The application preferred by the 1st Respondent under Section 7 of the I&B Code is dismissed. The Adjudicating Authority will now close the proceeding. The 2nd Respondent Company is re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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