TMI Blog2019 (9) TMI 1344X X X X Extracts X X X X X X X X Extracts X X X X ..... tors including the guarantors - If an application u/s 12A is filed by the Appellant, the Committee of Creditors may decide as to whether the proposal given by the Appellant for settlement in terms of Section 12A is better than the Resolution Plan as approved by it, and may pass appropriate order. However, as such decision is required to be taken by the Committee of Creditors , we are not expr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019. 2. We find that the application u/s 7 of the Insolvency Bankruptcy Code, 2016 ( I B Code, for short) by Union Bank of India ( Financial Creditor ) was admitted against the Corporate Debtor on 1st November, 2018. The said order was challenged before this Appellate Tribunal which was dismissed and thereafter the Appellant moved before the Hon ble Supreme Court. Before the Hon ble Sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication u/s 12A is filed, by settling the matter with all the Creditors with approval of 90% of the voting share of the Committee of Creditors subject to filing of an application by Union Bank of India for withdrawal of application u/s 7 of the I B Code. 5. Learned counsel for the Appellant submits that, M/s. Edelweiss Asset Reconstruction Company Ltd. in whose favour guarantee was gi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve an application u/s 12A for settling the claims of all the Creditors including the guarantors. 9. If an application u/s 12A is filed by the Appellant, the Committee of Creditors may decide as to whether the proposal given by the Appellant for settlement in terms of Section 12A is better than the Resolution Plan as approved by it, and may pass appropriate order. However, as such decision i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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