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TMI Blog2019 (2) TMI 1943X X X X Extracts X X X X X X X X Extracts X X X X ..... impugned order and action taken by the Resolution Professional , including the advertisement published in the newspaper calling for applications all such orders and actions are declared illegal and are set aside. The application preferred by the 1st Respondent under Section 9 of the I B Code is dismissed. The Corporate Debtor is diirected to pay the total sum of 14.5 Lakhs towards fee and cost incurred by Mr. Sandeep Chandna, (Resolution Professional) within two weeks. So far as the Financial Creditors who wanted to intervene and other Operational Creditors who applied pursuant to the advertisement, this order will not come in their way to take recourse in accordance with law. Appeal allowed - decided in favor of appellant. X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor is allowed to settle its claim. A question arises as to what is to happen before a committee of creditors is constituted (as per the timelines that are specified, 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." It is submitted that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kumar, Advocate wanted to intervene on behalf of the Eight Financial Creditors to oppose the prayer. He submitted that the Eight Financial Creditors have already submitted their claim before the 'Resolution Professional'. However, parties having settled the matter prior to constitution of 'Committee of Creditors', we are not inclined to entertain any application for creditors. 5. Further in view of the decision of the 'Swiss Ribbons Pvt. Ltd. & Anr', and in exercise our inherent powers under Rule 11 of the NCLAT Rules, 2016, allow the prayer made by Mr. Dharmender Sharma for withdrawal of the application in view of the settlement already reached. We accordingly set aside the impugned order dated 10th January, 2019 and dismiss the C.P. (IB ..... X X X X Extracts X X X X X X X X Extracts X X X X
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