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TMI Blog2021 (4) TMI 1358X X X X Extracts X X X X X X X X Extracts X X X X ..... t. IBC is not a recovery proceeding where because the money or part of it has not come, the party may repeatedly come to the Court. Adjudicating Authority has rightly observed that no liberty to revive was there and so declined to interfere. The Appellant would be at liberty to pursue other remedies in law. There are no substance in the Appeal to entertain the Appeal - The Appeal is dismissed. - COMPANY APPEAL (AT) (INS) NO. 294 OF 2021 - - - Dated:- 8-4-2021 - JUSTICE A.I.S. CHEEMA, MEMBER (JUDICIAL) AND DR. ALOK SRIVASTAVA, MEMBER (TECHNICAL) For the Appellant : Mr. Rakesh Kumar, Ms. Preeti Kashyap and Mr. Ankit Sharma, Advocates. For the Respondent : None. ORDER Heard Learned Counsel for the Appellant. 2. Thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in the matter of Swiss Ribbons Pvt. Ltd. Anr. Vs. Union of India Ors. , W.P.(C) 99/2018, the CIR Process stands terminated. The Corporate Debtor is released from the rigours of the moratorium and is permitted to function through its own board. Ld. Counsel for the Corporate Debtor undertakes to liquidate the expenses incurred in the CIR Process as per bills submitted by IRP. As nothing further survives, file be consigned to records. 4. The Learned Counsel for the Appellant refers to the Settlement Deed copy of which is at Page 58 of the Appeal to submit that the Corporate Debtor had given 27 cheques for various amounts and had even agreed that if the cheques are not honoured, the proceedings can be revived. It is state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made in the Application. We notice that vide order dated 09.05.2019 passed by this Bench, the petition (IB)- 1721(ND)2018 was withdrawn at the instance of the Financial Creditor and the CIRP was terminated. We further notice that no liberty was given to the Petitioner to revive the application. So, considering this, we are of the considered view that since this Adjudicating Authority was not the part of the settlement arrived in between the parties, rather the settlement was arrived outside the Tribunal. It was on the submissions of the Applicant, the main petition was dismissed as withdrawn and the CIRP was terminated. Therefore, we have no reason to recall our earlier order. Accordingly, the prayer of the Applicant to recall the earlier o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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