TMI Blog2019 (5) TMI 1826X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Persons) Regulations 2016, the Application for withdrawal of the Insolvency Proceedings is hereby allowed - Petition filed under section 7 of the IBC by the Petitioner stood withdrawn without proceeding for Insolvency, as prayed for, therefore, to be consigned to records. - MA 1448/2019 in C.P.(IB)-4025/MB/2018 - - - Dated:- 6-5-2019 - M. K. Shrawat, Member (J) For the Appellant : Ishan J. Ravindranath i/b Oasis Counsel Advisors 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.2019 between the Financial Creditor and the Corporate Debtor wherein it was recorded that a Manager Cheque dated 10.04.2019 for a sum of ₹ 7.75 Crores in favour of the Financial Creditor Mr. Arjun Bulchandani is handed over. Upon receipt the Petitioner had no lien or claim on the four flats which were held as a security. Description of the flat was duly recorded therein. It has also been recorded that the Petitioner/Financial Creditor had agreed to pay/reimburse the Professional Fees and Corporate Insolvency Resolution Process cost to the Interim Resolution Professional. 5. Mr. Jitendra Palande, Interim Resolution Professional is present in person during the course of hearing, duly recorded his presence and affirmed the contents ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat is before the Adjudicating Authority, being a collective proceeding, is a proceeding in rem. Being a proceeding in rem, it is necessary that the 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 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 R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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