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TMI Blog2019 (12) TMI 1517X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 9 of the Insolvency and the Bankruptcy Code, 2016 (hereinafter referred to as 'I&B Code') pursuant to which the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench II initiated Corporate Insolvency Resolution Process against 'M/s Mode Advertising and Marketing Pvt. Ltd.' which is under challenge. Initially, when the matter was taken up on 30th July, 2019, learned counsel for the Appellant submitted that the 'agreement' cited by the 1st Respondent was the 'partnership agreement', pursuant to which Respondent was entitled to profit sharing (35%), therefore, it cannot come within the definition of 'Operational Creditor' as defined under Section 5(21) of the I&B Code nor he can claim to be 'Financial Creditor' as t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Insolvency Resolution Process against the Corporate Debtor, which was subsequently admitted on 15th October, 2019, which was not permissible after initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, therefore, the Adjudicating Authority (National Company Law Tribunal), New Delhi by subsequent order dated 5th November, 2019 recalled the order of admission being infructuous. The said order has been brought on the record. It was informed that the Appellant has also entered Memorandum of Understanding (MOU) on 13th December, 2019 with 'G. H. Prints Pvt. Ltd.', other Operational Creditor, to ensure that no insolvency resolution process starts in future. The MOU dated 13th December, 2019 is also placed on r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne such claim or counter claim. 10. In view of the fact that the 'Committee of Creditors' have not been constituted, which is also accepted by Mr. Atul Tandon, Interim Resolution Professional and also has reached settlement with both the creditors, as discussed above and it is a going concern, we exercise power conferred to us under Rule 11 of NCLAT Rule, 2016 and set aside the impugned order dated 4th July, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench and dispose of the application under Section 9 filed by 'M/s Famous Innovations Digital Creative Pvt. Ltd.' (1st Respondent) as withdrawn. Company Petition No. IB-568/(ND)/2019 pending before the Adjudicating Authority stands disposed off. The Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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