https://www.taxtmi.com/caselaws?id=392677 The National Company Law Appellate Tribunal (NCLAT) exercised its inherent power under Rule 11 of NCLAT Rules, 2016 to set aside the Corporate Insolvency Resolution Process initiated against the Corporate Debtor. The NCLAT allowed the Operational Creditor's application for withdrawal of the Section 9 application, disposing of the Company Petition. The Adjudicating Authority was directed to close the proceeding. The Appellant was ordered to pay the remaining amount to the Operational Creditor as per the Terms of Settlement and to also pay the fee of the Interim Resolution Professional along with the cost of Corporate Insolvency Resolution Process amounting to Rs. 2.50 Lakhs within three weeks. en-us Tue, 19 Nov 2019 00:00:00 +0530 Wed, 26 Feb 2020 11:15:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392677 The National Company Law Appellate Tribunal (NCLAT) exercised its inherent power under Rule 11 of NCLAT Rules, 2016 to set aside the Corporate Insolvency Resolution Process initiated against the Corporate Debtor. The NCLAT allowed the Operational Creditor's application for withdrawal of the Section 9 application, disposing of the Company Petition. The Adjudicating Authority was directed to close the proceeding. The Appellant was ordered to pay the remaining amount to the Operational Creditor as per the Terms of Settlement and to also pay the fee of the Interim Resolution Professional along with the cost of Corporate Insolvency Resolution Process amounting to Rs. 2.50 Lakhs within three weeks. Case-Laws Insolvency and Bankruptcy Tue, 19 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392677