https://www.taxtmi.com/caselaws?id=409821 The Tribunal allowed the withdrawal of CIRP proceedings based on a settlement reached before the formation of the Committee of Creditors, using its inherent powers under Rule 11 of NCLAT Rules, 2016. Intervention applications by Operational Creditors were dismissed, releasing the Corporate Debtor from the insolvency process to operate independently through its Board of Directors. The Order clarified that Financial/Operational Creditors could still initiate CIRP proceedings unaffected by the current judgment. en-us Wed, 07 Jul 2021 00:00:00 +0530 Sat, 17 Jul 2021 07:27:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409821 The Tribunal allowed the withdrawal of CIRP proceedings based on a settlement reached before the formation of the Committee of Creditors, using its inherent powers under Rule 11 of NCLAT Rules, 2016. Intervention applications by Operational Creditors were dismissed, releasing the Corporate Debtor from the insolvency process to operate independently through its Board of Directors. The Order clarified that Financial/Operational Creditors could still initiate CIRP proceedings unaffected by the current judgment. Case-Laws Insolvency and Bankruptcy Wed, 07 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409821