https://www.taxtmi.com/caselaws?id=296213 Where a settlement is reached between the operational creditor and the corporate debtor before constitution of the Committee of Creditors, the NCLAT may invoke its inherent powers under Rule 11 to permit withdrawal of a Section 9 insolvency application. Once withdrawal is allowed at that pre-CoC stage, the admission order and all consequential insolvency measures cannot survive, including appointment of the Interim Resolution Professional, moratorium, freezing of accounts and publication of notice. The insolvency proceeding was therefore closed and the earlier process steps were set aside. en-us Tue, 12 Feb 2019 00:00:00 +0530 Sat, 10 Jul 2021 08:38:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296213 Where a settlement is reached between the operational creditor and the corporate debtor before constitution of the Committee of Creditors, the NCLAT may invoke its inherent powers under Rule 11 to permit withdrawal of a Section 9 insolvency application. Once withdrawal is allowed at that pre-CoC stage, the admission order and all consequential insolvency measures cannot survive, including appointment of the Interim Resolution Professional, moratorium, freezing of accounts and publication of notice. The insolvency proceeding was therefore closed and the earlier process steps were set aside. Case-Laws Insolvency and Bankruptcy Tue, 12 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296213