https://www.taxtmi.com/caselaws?id=397453 The court found that invoking Rule 11 of the NCLT Rules for withdrawal was inappropriate as it would be detrimental to other claimants. The court also held that the application under Section 7 of the I&B Code by the respondents was not maintainable as they could not claim to be allottees after the issuance of the Recovery Certificate. The impugned order initiating CIRP against the Corporate Debtor was set aside, and the application under Section 7 was dismissed. All orders by the IRP were declared illegal, and the Corporate Debtor was released from CIRP-related restrictions. en-us Fri, 14 Aug 2020 00:00:00 +0530 Wed, 19 Aug 2020 11:19:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397453 The court found that invoking Rule 11 of the NCLT Rules for withdrawal was inappropriate as it would be detrimental to other claimants. The court also held that the application under Section 7 of the I&B Code by the respondents was not maintainable as they could not claim to be allottees after the issuance of the Recovery Certificate. The impugned order initiating CIRP against the Corporate Debtor was set aside, and the application under Section 7 was dismissed. All orders by the IRP were declared illegal, and the Corporate Debtor was released from CIRP-related restrictions. Case-Laws Insolvency and Bankruptcy Fri, 14 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397453