TMI Blog2020 (2) TMI 1528X X X X Extracts X X X X X X X X Extracts X X X X ..... .01.2020, when the matter had come up before this Tribunal on 23.01.2010, the fact of prior settlement was brought to the notice of this Tribunal. It appears that Financial Creditor Prema Gupta has filed Intervention Application and filed claim with the IRP - The present Appeal is disposed off on the basis of the compromise referred. It will be open to the Financial Creditor Prema Gupta to initiate proceedings of her own. - Company Appeal (AT) (Insolvency) No. 119 of 2020 - - - Dated:- 3-2-2020 - JUSTICE A.I.S. CHEEMA, MEMBER (JUDICIAL), JUSTICE ANANT BIJAY SINGH, MEMBER (JUDICIAL) AND KANTHI NARAHARI, MEMBER (TECHNICAL) For the Appellant : Mr. Rakesh Munjal, Senior Advocate with Mr. Siddharth Sangal, Mr. Ritesh Khare, Mr. Rahul Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dy 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 Rule 11 of the NCLT Rules, 2016, allow or disallow an application for withdrawal or settlement. This will be decided after hearing all the concerned par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of India Ors. , it is apparent in the present matter that the Operational Creditor and the Corporate Debtor had entered into Settlement Deed before CoC was constituted. This is evident from the Bank Draft which is dated 10th January,2020. On behalf of the Corporate Debtor affected party entered into effort to settle with the Operational Creditor and if the person used wrong status in the Settlement Deed, by that itself the settlement need be defeated especially when the learned Counsel for Operational Creditor is stating that the parties have entered into settlement on 10.01.2020 and had entered into such documents and Bank Draft. 5. Although the CoC got constituted on 21.01.2020, when the matter had come up before this Tribunal on 23 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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