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TMI Blog2021 (8) TMI 1376X X X X Extracts X X X X X X X X Extracts X X X X ..... E OFFICIATING CHAIRPERSON AND MR. V.P. SINGH, MEMBER (TECHNICAL) For the Appellant : Mr. Ramji Srinivasan, Sr. Advocate with Mr. Abhijeet Sinha, Mr. Puneet Jain, Mr. Christi Jain, Mr. Harsh Jain, Advocates. For the Respondent : Mr. Krishnendu Datta, Sr. Advocate with Ms. Madhu Suri, Mr. Shikhil Suri, Advocates for R-1 to R-3. Mr. Ayush J Rajani, Ms. Khusboo Shah Rajani, Advocates for RP Mr. Ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... outstanding debt of above Rs. 178 Crores against the Corporate Debtor and the Learned Counsel for the Intervenor is opposing the settlement claiming that the Corporate Debtor cannot settle merely with one of the Creditors. 3. Learned Sr. Counsel for the Appellant and Respondent Nos. 1 to 3 submit that this Court can under Rule 11 of NCLT Rules quash the Impugned Order and accept the Settlement. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 'Interim Resolution Professional' Resolution Professional will make effort that the Company remains a going concern and will take assistance of the (suspended) Board of Directors and the officers/Director/Employees. The persons who are working will, at present continue to perform their duties, including the paid Directors. The person who is authorized to sign the bank cheques may sign ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith CIRP but, however may not constitute Committee of Creditors till this matter comes up on next date. This time till next date we are giving to the Appellant and Respondents so that if they want to take opportunity before the Adjudicating Authority to settle in terms of Section 12-A of IBC read with Rule 11 of NCLT Rules they may try to settle if they want to do that. If by the next date, Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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