TMI Blog2019 (12) TMI 1389X X X X Extracts X X X X X X X X Extracts X X X X ..... RSUS UNION OF INDIA AND ORS. [ 2019 (1) TMI 1508 - SUPREME COURT] where it was held 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 decided after hearing all the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) praying for withdrawal of C.P. No. 553 of 2019. 2. Heard the Applicant. It is submitted that Previously CP was admitted on 11.10.2019 and Mr. Rajesh Shah, was appointed as Interim Resolution Professional (IRP). Consequently, the IRP has issued advertisement inviting the claims from the creditors and the last date of receipt of the claim was 30.10.2019. The Applicant submits that claims no cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... body which is to oversee the resolution process must be consulted before any individual corporate debtor is allowed to settle its claim. A question arises as to what is to happen before a committee of creditors is constituted (as per the timelines that are specified, a committee of creditors can be appointed at any time within 30 days from the date of appointment of the interim resolution profess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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