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TMI Blog2020 (2) TMI 1328X X X X Extracts X X X X X X X X Extracts X X X X ..... olvency and Bankruptcy Code, 2019 ("I&B Code" for short) in the year 2017, but on objection it was withdrawn. Subsequently, another Application under Section 9 of the 'I&B Code' was filed after Demand Notice under Section 8(1) to the 'Corporate Debtor' which was admitted by the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench on 27th November, 2019. 2. The Appellant- Promoter of 'M/s. Skyline Construction & Housing Pvt. Ltd.' ('Corporate Debtor') preferred the Appeal on the ground that the Application under Section 9 was barred by limitation. 3. On 19th December, 2019, when the matter was taken up, learned counsel for the Appellant submitted that 'Leave Travel Allowance' or &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al can exercise inherent powers under Rule 11 of the National Company Law Appellate Tribunal Rules, 2016 accepting the settlement and thereby to allow the Respondent to withdraw the application under Section 9 as prayed for, but technically constitution of the 'Committee of Creditors' was intimated on the same date i.e. 5th February, 2020, the day the parties reached the settlement. 7. As we find that the parties have been negotiating and almost reached a final settlement and on merit the Appellant has also raised certain issues, taking into consideration that the 'Corporate Debtor' is an Infrastructure Housing Company on which a large number of allottees are dependant and if the 'Corporate Debtor' goes on 'Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st' in favour of the 'Interim Resolution Professional'. The total cost of Rs. 2,50,000/- towards fee plus Rs. 1,00,000/- towards the 'Corporate Insolvency Resolution Process Cost' i.e. Rs. 3,50,000/- will be paid by Mr. Dhiraj Prabhu/Corporate Debtor within three weeks. 10. However, if the expenses towards the publication etc. are more, the bill should be forwarded to the Appellant/'Corporate Debtor' who will pay the rest. 11. The impugned order dated 27th November, 2019 is set aside. The 'Corporate Debtor'- 'M/s. Skyline Construction & Housing Pvt. Ltd.' is released from the rigours of 'Corporate Insolvency Resolution Process'. The 'Interim Resolution Professional' will handover ..... X X X X Extracts X X X X X X X X Extracts X X X X
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