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TMI Blog2022 (3) TMI 1217X X X X Extracts X X X X X X X X Extracts X X X X ..... mission order dated 22.12.2021 passed by this Tribunal on the basis of the settlement arrived at between the parties prior to the constitution of Committee of Creditors of the Corporate Debtor i.e. M/s. Arpan International Limited. 2. It is submitted by the applicant that the Insolvency petition bearing CP (IB) 171/Chd/PB/2019 was filed by the applicant/Operational Creditor against the corporate debtor under Section 9 of IBC, 2016, which was pertaining to the dispute/default of Rs. 13,88,969/- (Rupees Thirteen Lakhs Eighty Eight Thousand Nine Hundred and Sixty Nine only) at the end of corporate debtor. The said Insolvency Petition was admitted by this Tribunal vide order dated 22.12.2021 and the respondent No. 2 was appointed as Interim Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... constitution of COC, however, Section 12A provides for application for withdrawal to be made by the applicant only with the approval of 90% voting share of CoC. However, in the present matter the CoC is yet to be constituted, accordingly, the aspect of obtaining consent of CoC does not arise. Moreover, the Regulations are made in support of the main code and they cannot supersede the main act in the present case the IBC Code, 2016. 6. The applicant to buttress his contentions relied on Hon'ble NCLAT New Delhi in case bearing IA No. 815 of 2021 in Company Appeal (AT) (Insolvency) No. 298 of 2021 titled Anuj Tejpal Director of the Suspended Board of Directors OYO Hotels and Homes Private Limited Vs. Rakesh Yadav decided on 07.07.2021 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relied on the order of the NCLT, New Delhi Bench (Court-II) in the matter of M/s. Reach International Vs. M/s. Altech Infrastructure Private Limited in IA No. 411 of 2022 in IB No. 3013/ND/2019 dated 01.02.2022. 10. It is alleged by the respondent that the present application filed by the operational creditor in connivance with the corporate debtor is only to protect the corporate debtor from the fraud that is being played with the Income Tax Authorities inter alia amongst other Statutory Authorities including GST wherein, after conducting the due diligence into the conduct of the business of the corporate debtor, it came to the knowledge of IRP that huge siphoning off the inventory and funds is being committed by the corporate debtor. 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s constituted, a party can approach National Company Law Tribunal (NCLT) directly and that the Tribunal may, in exercise of its inherent powers under Rule 11 of NCLT Rules, allow or disallow an application for withdrawal or settlement. It was held thus: "82. It is clear that once the Code gets triggered by admission of a creditor's petition before any individual corporate 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 ay 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 Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01.2022, we direct the applicant to pay the fee of Rs. 1,10,000/- (One Lakh Ten Thousand Only) which is just, fair and reasonable in addition to Rs. 75,000/- already paid CIRP cost, including all miscellaneous expenses to the Interim Resolution Professional. The Corporate Debtor (Company) is released from all the rigours of law and is allowed to function independently through its Board of Directors from immediate effect. 16. In view of the above facts and circumstances and in the interest of justice, the Rule 11 of NCLT Rules, 2016 can be invoked in the instant case for withdrawal of CP (IB) No. 171/Chd/Pb/2019. Hence, the present application is allowed and CP (IB) No. 171/Chd/Pb/2019 stands as withdrawn. Accordingly, IA No. 1/2022 dispose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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