https://www.taxtmi.com/caselaws?id=292327 The Tribunal allowed the withdrawal of a petition under Rule 11 of NCLT, 2016, even after admission, following a joint memo of compromise between the parties. Citing the Supreme Court's decision in Swiss Ribbons Pvt. Ltd. & anr. v. Union of India & ors., the Tribunal exercised its discretion to permit withdrawal. The Corporate Debtor was instructed to reimburse the IRP's expenses and return any assets taken into custody. The Board of Directors' suspended powers were reinstated upon allowing the withdrawal. This case underscores the Tribunal's authority to allow withdrawal post-admission and the significance of parties reaching settlements in insolvency matters. en-us Tue, 25 Feb 2020 00:00:00 +0530 Sat, 19 Dec 2020 06:17:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292327 The Tribunal allowed the withdrawal of a petition under Rule 11 of NCLT, 2016, even after admission, following a joint memo of compromise between the parties. Citing the Supreme Court's decision in Swiss Ribbons Pvt. Ltd. & anr. v. Union of India & ors., the Tribunal exercised its discretion to permit withdrawal. The Corporate Debtor was instructed to reimburse the IRP's expenses and return any assets taken into custody. The Board of Directors' suspended powers were reinstated upon allowing the withdrawal. This case underscores the Tribunal's authority to allow withdrawal post-admission and the significance of parties reaching settlements in insolvency matters. Case-Laws Insolvency and Bankruptcy Tue, 25 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292327