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TMI Blog2021 (3) TMI 771X X X X Extracts X X X X X X X X Extracts X X X X ..... ommittee of Creditors came to be constituted by the IRP on 16th March, 2021 so hastily though only a single claim was said to have been received by the IRP. Without commenting upon the fairness of the procedure adopted in constituting the Committee of Creditors so hastily, in view of the fact that the Operational Creditor, being the sole claimant is satisfied with the settlement of his claim in terms of the Settlement Agreement executed barely within four days of the passing of the impugned order in ex parte demonstrating that it had the capacity and will to settle the Operational Creditor s claim, we find this to be a fit case for accepting the settlement arrived at between the parties. The Corporate Debtor is released from the rigou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 5th March, 2021 with the Operational Creditor in terms whereof the Operational Creditor agreed to withdraw its Application under Section 9 of the I B Code and file an application for withdrawal in lieu of the settled consideration. It is further submitted by Mr. Ajit Sharma, learned Counsel for the Appellant that IRP was informed on 7th March, 2021 about this development and to initiate the process for withdrawal of proceedings. However, no action was taken. 2. Mr. Ankur Singhal, Advocate appearing on behalf of Respondent No.1 Operational Creditor admits the factum of claim of Operational Creditor having been settled and satisfied by the Corporate Debtor in terms of the Settlement Agreement, copy whereof forms part of appeal pap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... awal application was to be filed before the Adjudicating Authority as a sequel to settlement. It is flabbergasting to find that the Committee of Creditors came to be constituted by the IRP on 16th March, 2021 so hastily though only a single claim was said to have been received by the IRP. 5. Section 21(1) of the I B Code provides that the Interim Resolution Professional shall constitute a Committee of Creditors after collation of all claims received against the Corporate Debtor and determination of the financial position of the Corporate Debtor. He is to perform duties embodied under Section 18 of the I B Code, which includes collecting of information relating to the assets, finances and operations of the Corporate Debtor, which has to p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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