https://www.taxtmi.com/caselaws?id=391229 Settlement reached before constitution of the committee of creditors can justify setting aside admission orders initiating corporate insolvency resolution proceedings. Where the operational creditors confirmed receipt of payment and the interim resolution professional confirmed payment of fees and costs, the appellate tribunal invoked its inherent power under Rule 11 to undo the admission orders and restore control of the corporate debtor to its board of directors. The insolvency petitions were accordingly disposed of on the basis of settlement. en-us Thu, 05 Dec 2019 00:00:00 +0530 Thu, 23 Jan 2020 08:37:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391229 Settlement reached before constitution of the committee of creditors can justify setting aside admission orders initiating corporate insolvency resolution proceedings. Where the operational creditors confirmed receipt of payment and the interim resolution professional confirmed payment of fees and costs, the appellate tribunal invoked its inherent power under Rule 11 to undo the admission orders and restore control of the corporate debtor to its board of directors. The insolvency petitions were accordingly disposed of on the basis of settlement. Case-Laws Insolvency and Bankruptcy Thu, 05 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391229