2019 (2) TMI 1750

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..... y learned counsel for Respondent Nos. 1, 2 and 3 (Financial Creditors). In the present case, as the parties have reached settlement before constitution of the Committee of Creditors, exercising power under Rule 11 of the National Company Law Appellate Tribunal Rules, 2016, the impugned order dated 16th January, 2019 is set aside and proceedings dismissed as withdrawn.
S. J. Mukhopadhaya (Chairperson) And Bansi Lal Bhat (Member (Judicial) For Appellant: Dr. Abhishek Manu Singhvi, Mr. Amit Sibal and Mr. Virender Gnada, Sr. Advocates with Mr. Pulkit Deoria, Ms. Devanshi and Mr. Prashant Katara, Advocates. For Respondents: Mr. Praveen Kumar Aggarwal, Advocate for R-1 to 3 (Financial Creditors). Mr. Ashok Kumar Juneja and Mr. Akash Srivast .....

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..... ed, 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 Rule11 of the NCLT Rules, 2016, allow or disallow an application for withdrawal or settlement. This will be decided after hearing all the concerned parties and considering all relevant factors on the facts of each case." 2. In the aforesaid background, the prayer has been made before this Appellate Tribunal to pass appropriate order under Rule 11 of the National Company Law Appellate Tribunal Rules, 2016 as h .....

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..... sposed of." 4. In the present case, as we find that the parties have reached settlement before constitution of the Committee of Creditors, exercising our power under Rule 11 of the National Company Law Appellate Tribunal Rules, 2016, we set aside the impugned order dated 16th January, 2019 and thereby dismiss C. P. No. (IB)-1148(PB)/2018 as withdrawn. The parties are directed to abide by the settlement reached on 27th January, 2019, which should be treated as direction of this Appellate Tribunal. 5. In so far as Mr. Jyoti Handa, who claims to be another Financial Creditor is concerned, we are not expressing any opinion in view of the observation made by the Adjudicating Authority (National Company Law Tribunal) Special Bench, New Delhi .....

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