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TMI Blog2021 (8) TMI 1281X X X X Extracts X X X X X X X X Extracts X X X X ..... lsan, Diksha Gupta and B. Gopalakrishnan, Advocates ORDER (Through Virtual Mode) 1. We have heard Ld. Counsels for the parties at length. 2. The Appellant Vipul Dilip Shah & five Ors. being Promoters and Shareholders of the Parinee Developers Pvt. Ltd. (Corporate Debtor) have filed the Appeal CA (AT) (Ins) No. 451 of 2021 and STCI Finance Ltd. (Financial Creditor) has filed the Appeal CA (AT) (Ins) No. 442 of 2021. In both the Appeals the order dated 31.05.2021 has been assailed whereby ld. Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Mumbai, Court-II) dismissed the Application I.A. No. 264 of 2021 in CP (IB) No. 4147/MC/C-II/2019 filed under Section 12A of the IBC. 3. Brief facts of these Appeals are that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority has entered into an issue which is totally irrelevant and beyond the scope under Section 12A of the IBC. The parties have amicably settled their dispute and terms of the settlement do not violate any provision of law. 7. Ld. Sr. Counsel for the Appellant further submits that Ld. Adjudicating Authority ought not have disregarded the unanimous Resolution of the CoC in exercise of their commercial wisdom and with a view to ensure repayments of debts and continuity of business of the Corporate Debtor which is over all main objective of the IBC. 8. Ld. Adjudicating Authority has erred in its finding with respect to the CoC having taken law in its own hand in as much as more delay in complying with procedural requirement under the IB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing monetary committee is not inline of IBC and CIRP Regulation, (iii) No backup plan is provided in case of failure to meet short fall within the time line agreed by the parties. (iv) The Settlement proposal contends a lot of uncertainty and depends on future events. 12. We have considered the ground for dismissal of the Application. We are of the considered view that the legislation has provided a procedure for withdrawal of Application under Section 7, 9 or 10 of the IBC. In this case, the CoC has been constituted, therefore, the Application for withdrawal approved by the 99.9% voting shares of the CoC and the Application has been filed through the RP as provided under Regulation 30A of the IBBI (Insolvency Resolution Process for Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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