TMI Blog2021 (8) TMI 1376X X X X Extracts X X X X X X X X Extracts X X X X ..... of the employees/workmen, electricity bills etc. On 10th August, 2021, the IRP are stayed from issuing publication. That order is recalled - The IRP may proceed further with CIRP but, however may not constitute Committee of Creditors till this matter comes up on next date. This time till next date the Appellant and Respondents are given so that if they want to take opportunity before the Adjudicating Authority to settle in terms of Section 12-A of IBC read with Rule 11 of NCLT Rules they may try to settle if they want to do that. If by the next date, Section 12-A of IBC Proceeding is not completed, the Interim Orders may or may not be continued. It is stated that Application under Section 12-A of IBC is already filed. If the parties h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are no other claimants. However now Mr. Ravi Raghunath, Advocate is present in Virtual Mode and makes a request for permission to file Intervention Application on behalf of Central Bank of India which has an outstanding debt of above Rs. 178 Crores against the Corporate Debtor and the Learned Counsel for the Intervenor is opposing the settlement claiming that the Corporate Debtor cannot settle merely with one of the Creditors. 3. Learned Sr. Counsel for the Appellant and Respondent Nos. 1 to 3 submit that this Court can under Rule 11 of NCLT Rules quash the Impugned Order and accept the Settlement. However, when there are other Creditors we do not wish to interfere here in Appeal and leave it for Adjudicating Authority to deal with the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the 'Corporate Debtor' be allowed to be operated through IRP/RP for day-to-day functioning of the company such as for payment of current bills of the Suppliers, salaries and Wages of the employees/workmen, electricity bills etc. 7. On 10th August, 2021, we had stayed the IRP from issuing publication. We recall that order. The IRP may proceed further with CIRP but, however may not constitute Committee of Creditors till this matter comes up on next date. This time till next date we are giving to the Appellant and Respondents so that if they want to take opportunity before the Adjudicating Authority to settle in terms of Section 12-A of IBC read with Rule 11 of NCLT Rules they may try to settle if they want to do that. If by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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