TMI Blog2020 (2) TMI 1329X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor is released from the rigour of law and is allowed to functionindependently through its Board of Directors. The Liquidator will hand back the records and management of the affairs of the Corporate Debtor, to the Board of Directors. Appeal disposed off. - Company Appeal (AT) (Ins) No. 1207 of 2019 - - - Dated:- 19-2-2020 - A.I.S. Cheema, J. (Member (J)), A.B. Singh, J. (Member (J)) and Kanthi Narahari, Member (T) For Appellant: Kaushik N. Sharma and Sudhanshu Sharma, Advocates For Respondents: Rohan Narula, T.N. Durga Prasad, Gautam Singhal and Richa Chopra, Advocates ORDER 1. Learned Counsel for the Appellant submits that in this matter, the Application under Section 9 of Insolvency and Bankruptcy Code, 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... COC had taken decision on liquidation. The learned Counsel for the Appellant states that if at all RP could rely, it was Section 33(2). The Adjudicating Authority acted under Section 30(6) if Para - 10 of Impugned Order is seen which again is wrong and thus, the liquidation Order passed is under wrong provision. 3. The learned Counsel for Appellant states that COC consisted of only one Financial Creditor which is ICICI Bank. It is stated that the Appellant has already settled with ICICI Bank on 12.12.2019. Ms. Richa Chopra - Advocate appears on behalf of ICICI Bank (Respondent No. 2). She states that the Appellant has settled the dues with the Respondent No. 2 - ICICI Bank. 4 . The Counsel for RP/Liquidator states that in the CIRP pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led, in Para 6(vi), the Appellant has stated that all outstanding dues payable to all stakeholders in relation to the liquidation of Corporate Debtor are settled. 6. The Counsel for the RP/Liquidator also accepts that the dues have been settled of the only Financial Creditor and the four Operational Creditors. Both sides have filed Affidavits as referred. 7. Considering the object of IBC which is resolution and that effort should be made to revive the Corporate Debtor rather than to eliminate the same, we find that this is a fit case for us to exercise inherent powers under Rule 11 of National Company Law Appellate Tribunal Rules, 2016 (NCLAT Rules, 2016 - in short), to do justice. It is necessary to set aside the liquidation Order as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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