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TMI Blog2022 (8) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... ween the parties. In view of the fact that the fees of the IRP has been paid in full, this instant Application stands allowed and, in the circumstances, IBA/606/2020 stands dismissed as withdrawn. Consequently, the CIRP initiated against the Corporate Debtor also stands withdrawn. The Corporate Debtor is released from the rigors of IBC, 2016 - Application allowed. - IA/IBC/382/CHE/2022, IA/IBC/431/CHE/2021 and IA/IBC/432/CHE/2021 in IBA/606/2020 - - - Dated:- 21-7-2022 - S. Ramathilagam, J. (Member (J)) And Sameer Kakar, Member (T) For the Appellant : Avinash Krishnan Ravi, Advocate For the Respondents : Revathi Manivannan, Advocate ORDER Sameer Kakar, Member (T) 1. IA(IBC)/382(CHE)/2022 is an application f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of the Corporate Debtor was initiated by this Tribunal vide its order dated 21.03.2022 and the Applicants herein have submitted their claim before the IRP on 04.04.2022. However, the IRP in reply has stated that an application for withdrawal of CIRP proceedings have been filed before this Tribunal. Hence the Applicants have moved the present Applications. 5. The Learned Counsel for the Applicants placed reliance upon this judgment of the Hon'ble Supreme Court in the matter of Swiss Ribbons Pvt. Ltd. and Anr. -Vs- Union of India and Ors. (2019) 4 SCC 17 where in was observed that the interest of all the stakeholders have to be considered while accepting or disallowing an Application for withdrawal. Further, reliance was also plac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held as follows: We have heard learned counsel for the parties. It is not in dispute that CoC has not been constituted so far. This Court in Swiss Ribbons Private Limited and Anr. v. Union of India and Others - (2019) 4 SCC 17 has held that at any stage, before a Committee of Creditors is 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 under Sections 7 to 9, the proceeding that is before the adjudicating authority, being a collective proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the application under Rule 11 of the NCLT Rules for withdrawal of the company petition on the ground that the matter has been settled between the parties. (6) The appeal is accordingly allowed. The order of the NCLT dated 06.08.2021 is hereby set aside and the company petition, for which withdrawal application was filed under Rule 11 of the NCLT Rules, is ordered to be withdrawn. No costs. 8. Despite bringing into notice the aforesaid judgment to the knowledge of the Applicant/Objectors, they still persisted on their Application and argued at length and has also wasted the judicial time of this Tribunal. Under the said circumstances, the Application filed by the Objectors viz. IA(IBC)/431(CHE)/2022 and IA(IBC)/432(CHE)/2022 st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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