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TMI Blog2022 (8) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... rete India Private Limited under Section 12A of IBC, 2016 read with Regulation 30A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2019. 2. IA(IBC)/431(CHE)/2022 and IA(IBC)/432(CHE)/2022 are applications filed by the Applicants/Operational Creditor who are objecting to the Application filed by the IRP under Section 12A of IBC, 2016. 3. In relation to IA(IBC)/382(CHE)/2022 is concerned, it is seen that in an Application filed by an Operational Creditor under Section 9 of IBC, 2016 the CIRP in respect of the Corporate Debtor was initiated by this Tribunal vide its order dated 21.03.2022 in and the Applicant herein was appointed as the Interim Resolution Professional. Pursuant t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LLP, Company Appeal (AT) (Ins) No. 696-670 of 2019 wherein the Hon'ble NCLAT did not accept the plea of the Applicant and did not intervene in the orders passed by NCLAT wherein notice was received by the objections raised by the Creditor and the application to withdraw on the settlement was not allowed. 6. During the course of hearing, this Tribunal apprised the objectors that they do not have any locus to object the Application filed under Section 12A of IBC, 2016 since the same was filed before the Constitution of the CoC and as such once the present Application is allowed, they can prosecute their Applications filed under Section 9 of IBC, 2016 which is also pending adjudication before this Tribunal. 7. Further, this Tribunal also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution 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 NCLT directly, which Tribunal may, in exercise of its inherent powers under Rule 11 of NCLT Rules, 2016, allow or disallow an application for withdrawal or settlement. This will be decided after hearing all the parties concerned and considering all relevant factor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hin a period of 7 days from the date of this order and report compliance of the same. 9. Taking into consideration the Judgment of the Hon'ble Supreme Court and also the averment contained in IA(IBC)/382(CHE)/2022 and also the Form FA given by the Operational Creditor, and also in view of the fact that the fees of the IRP has been paid in full, this instant Application stands allowed and, in the circumstances, IBA/606/2020 stands dismissed as withdrawn. Consequently, the CIRP initiated against the Corporate Debtor also stands withdrawn. The IRP is discharged from the assignment and is further directed to hand over the management to the Board of Directors of the Corporate Debtor. The Corporate Debtor is released from the rigors of IBC, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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