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TMI Blog2019 (12) TMI 1375X X X X Extracts X X X X X X X X Extracts X X X X ..... n Process against Corporate Debtor. Interim Resolution Professional reported to the Tribunal that Parties settled the matter and requested the tribunal to withdraw the Petition - IRP has stated that he has enclosed the copies of DD's acknowledged by operational creditor and copy of settlement including Form FA. Thus the procedure prescribed under Regulation 30A (1) (a) of IBBI (Insolvency Resolution Process for Corporate Persons), 2016 has been followed. This Adjudicating Authority has power under Section 12A Read with Regulation 30A (1)(a) of IBBI (Insolvency Resolution Process for Corporate Persons) 2016 to permit for withdrawal of the application even after admission of the Petition. Application allowed. - IA No. 1097/2019 and C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en lakhs fifty three thousand Nine hundred and fifty one) along with interest @ 24% p.a has been settled at ₹ 6,50,000/-(Six Lakhs, Fifty Thousand Only). Copy of the withdrawal application in Form FA is annexed hereto and marked as Annexure-A01. Copies of the DD's issued to the operational creditor are annexed and marked as Annexure A02. e) It is averred that Hon'ble Supreme Court in Swiss Ribbons Private Limited vs. Union of India Others in Writ Petition (Civil) No. 99 of 2018 dated 25.01.2019 observed at any stage where the COC is not constituted a party can approach the Adjudicating Authority directly and the Adjudicating Authority by exercise of its inherent powers under Rule 11 of the NCLT Rules, 2016 can allow or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 9 by the Operational Creditor was admitted by this tribunal on 04.10.2019 and ordered Corporate Insolvency Resolution Process against Corporate Debtor. Interim Resolution Professional reported to the Tribunal that Parties settled the matter and requested the tribunal to withdraw the Petition. 7. This application is filed stating that parties settled the claim for an amount of ₹ 6,50,000/- and the same is paid to the operational creditor toward full and final settlement. 8. IRP further stated that an amount of ₹ 84,000/- is paid to the IRP towards cost for purposes of Clauses (c ) and (d) of the Regulation 31 and Regulation 33 of the Insolvency and Bankruptcy(Corporate Insolvency Resolution Process) Regulations, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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