TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Tribunal Ends Appeal, Releases Corporate Debtor from Insolvency Process</h1> <h3>Ashish Prakash Chandra Gandhi Versus Trau Bros NV & Anr.</h3> Ashish Prakash Chandra Gandhi Versus Trau Bros NV & Anr. - TMI Issues: Settlement of dispute, consent terms, withdrawal of application under Section 9 of Insolvency and Bankruptcy Code, 2016, invocation of inherent powers under Rule 11 of the National Company Law Appellate Tribunal Rules.Settlement of Dispute: The Appellant, represented by Mr. Arun Kathpalia, Senior Advocate, informed the Tribunal that the matter had been settled amicably with consent terms reduced to writing on 2nd March, 2020. The Respondent No.1, represented by Mr. Abhijeet Sinha, Advocate, also acknowledged the settlement through written consent terms. The agreed settlement amount was to be paid as per the terms outlined in the consent agreement.Withdrawal of Application under Section 9: The Respondent No. 1 was required to withdraw the application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, as per the consent terms agreed upon by both parties. The Tribunal directed the Adjudicating Authority to close the case in light of the settlement and withdrawal of the application.Invocation of Inherent Powers under Rule 11: In view of the consent terms and the amicable settlement reached between the parties, the Tribunal invoked its inherent powers under Rule 11 of the National Company Law Appellate Tribunal Rules to dispose of the appeal as per the terms agreed upon. This action led to the release of the Corporate Debtor from the Corporate Insolvency Resolution Process.Conclusion: The Tribunal, having reviewed the consent terms and the agreement between the parties, disposed of the appeal in accordance with the consent terms. The Resolution Professional's fees and resolution costs were addressed in the consent terms, with confirmation from the Insolvency Resolution Professional that all such fees and costs had been settled. As a result, no further directions were deemed necessary by the Tribunal or the Adjudicating Authority.
TaxTMI 
TaxTMI 
