9911796707
TMI Blog2021 (1) TMI 1131X X X X Extracts X X X X X X X X Extracts X X X X ..... he Insolvency and Bankruptcy Code, 2016 is set aside - CoC not constituted - rejection on the ground that a settlement has been arrived at between the Respondent No.1- Creditor and the Corporate Debtor - HELD THAT:- Keeping in view the dictum of the Hon ble Apex Court in Swiss Ribbons and Ors. V. Union of India Ors [ 2019 (1) TMI 1508 - SUPREME COURT] , the Corporate Debtor may avail the opportuni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Settlement Terms before it. To enable the Appellant to seek such exit, we direct that the COC shall not be constituted for one week from today. X X X X Extracts X X X X X X X X Extracts X X X X ..... has been arrived at on 26th December, 2020. It is patently clear that the Settlement is a development which took place after the admission of application under Section 9 of the 'I&B Code' and the fact that settlement had not been reached prior to the date of passing of the order of admission would not render the order of admission in question flawed on that ground alone. It is submitted by learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appropriate for the Appellant to approach the Adjudicating Authority to seek exit from CIRP by filing the terms of settlement and the Adjudicating Authority will have to pass the appropriate order. Since it is submitted by learned counsel for the Appellant that the Adjudicating Authority could not be accessed due to holidays, we deem it appropriate to dispose off this appeal with direction to App ..... X X X X Extracts X X X X X X X X Extracts X X X X
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