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TMI Blog2019 (5) TMI 1826X X X X Extracts X X X X X X X X Extracts X X X X ..... visors and Kamalakar Harishchandra Patil For the Respondents : Aman Dutta, Advocate, Samir Shirish Dadia and Jitendra Palande, IRP ORDER M.K. Shrawat, Member (J) 1. This Application is submitted by one of the suspended directors Mr. Samir Shirish Dadia of Corporate Debtor M/s. Rite Developers Private Limited on 12.04.2019 and the Prayers/Reliefs sought therein are reproduced below:-" a. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gainst the Corporate Debtor M/s. Rite Developers Private Limited, which was Admitted vide an Order dated 11.03.2019, therein appointed Interim Resolution Professional Mr. Jitendra Palande. 3. As per this Petition it is informed that vide Form-A, a public announcement was made dated 04.04.2019 in "Financial Express" drawing attention to all the Creditors of Rite Developers Private Limited for lodg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal is present in person during the course of hearing, duly recorded his presence and affirmed the contents of the withdrawal Application as well as the Settlement Terms. He has informed that around Rs. 4 Lakhs bills have been raised which are going to the paid/reimbursed by the Petitioner. According to his statement, no financial creditor had approached him or lodged any claim till date. Virtuall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd, in a recent decision, the Hon'ble Supreme Court has pronounced certain guidelines in the case of Swiss Ribbons Pvt. Limited & Anr. vs. Union of India & Others (Writ Petition (Civil) No.99 of 2018) Order dated 25.01.2019, relevant portion extracted below:- "52. It is clear that once the Code gets triggered by admission of a creditor's petition under Sections 7 to 9, the proceeding tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application for withdrawal or settlement. This will be decided after hearing all the concerned parties and considering all relevant factors on the facts of each case." 8. In the light of the above circumstances as also following the Order of the Hon'ble Supreme Court as well as the provisions of Section 12A read with Regulation 38 of IBBI (Insolvency Resolution Process for Corporate Persons) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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