https://www.taxtmi.com/caselaws?id=290538 Where a settlement between the corporate debtor and the financial creditor had attained finality and was implemented before constitution of the Committee of Creditors, the Section 7 insolvency application ought not to have been allowed to proceed. The Adjudicating Authority was expected to exercise inherent power to close the proceedings once the principal creditor accepted withdrawal, and a later request by another creditor could not override the concluded settlement. The Section 7 application was therefore permitted to be withdrawn, the insolvency process was closed, and the consequential orders appointing the Resolution Professional, declaring moratorium, freezing the account, and all steps taken under those orders were set aside. en-us Mon, 15 Apr 2019 00:00:00 +0530 Sun, 04 Oct 2020 16:29:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290538 Where a settlement between the corporate debtor and the financial creditor had attained finality and was implemented before constitution of the Committee of Creditors, the Section 7 insolvency application ought not to have been allowed to proceed. The Adjudicating Authority was expected to exercise inherent power to close the proceedings once the principal creditor accepted withdrawal, and a later request by another creditor could not override the concluded settlement. The Section 7 application was therefore permitted to be withdrawn, the insolvency process was closed, and the consequential orders appointing the Resolution Professional, declaring moratorium, freezing the account, and all steps taken under those orders were set aside. Case-Laws Insolvency and Bankruptcy Mon, 15 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290538