https://www.taxtmi.com/caselaws?id=388368 Where parties settled before constitution of the Committee of Creditors, the NCLAT accepted the compromise under Rule 11 of its Rules and set aside the insolvency admission order. The Section 7 application was treated as withdrawn, and all consequential CIRP measures, including the moratorium and the actions of the Interim Resolution Professional, were directed to stand closed. The parties were held bound by the settlement terms, with further directions for release of the deposited draft and payment of the professional fee and costs by the corporate debtor. en-us Fri, 05 Jul 2019 00:00:00 +0530 Thu, 14 Nov 2019 12:30:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388368 Where parties settled before constitution of the Committee of Creditors, the NCLAT accepted the compromise under Rule 11 of its Rules and set aside the insolvency admission order. The Section 7 application was treated as withdrawn, and all consequential CIRP measures, including the moratorium and the actions of the Interim Resolution Professional, were directed to stand closed. The parties were held bound by the settlement terms, with further directions for release of the deposited draft and payment of the professional fee and costs by the corporate debtor. Case-Laws Insolvency and Bankruptcy Fri, 05 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388368