https://www.taxtmi.com/caselaws?id=395290 The NCLT permitted the recall of the Corporate Insolvency Resolution Process (CIRP) and allowed the withdrawal of Company Petition No. 463 of 2019 following a settlement between the Operational Creditor and Corporate Debtor. The Tribunal exercised its inherent powers under Rule 11 of the NCLT Rules, 2016, due to the absence of a constituted Committee of Creditors (CoC). However, concerns about fraudulent initiation of proceedings under Section 9 of the IBC were raised, prompting a recommendation for further investigation under Section 65 of the IBC. Both parties were ordered to pay the IRP's fees and costs, with the matter referred for additional review. en-us Wed, 22 Jan 2020 00:00:00 +0530 Wed, 06 Nov 2024 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395290 The NCLT permitted the recall of the Corporate Insolvency Resolution Process (CIRP) and allowed the withdrawal of Company Petition No. 463 of 2019 following a settlement between the Operational Creditor and Corporate Debtor. The Tribunal exercised its inherent powers under Rule 11 of the NCLT Rules, 2016, due to the absence of a constituted Committee of Creditors (CoC). However, concerns about fraudulent initiation of proceedings under Section 9 of the IBC were raised, prompting a recommendation for further investigation under Section 65 of the IBC. Both parties were ordered to pay the IRP's fees and costs, with the matter referred for additional review. Case-Laws IBC Wed, 22 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395290