https://www.taxtmi.com/caselaws?id=296400 The National Company Law Appellate Tribunal addressed the issue of setting aside an admission order under Section 9 of the Insolvency and Bankruptcy Code, 2016 following a settlement between the Creditor and the Corporate Debtor. The Tribunal emphasized that the absence of a settlement before admission does not invalidate the admission order. It was noted that the Committee of Creditors (CoC) had not been constituted, allowing the Corporate Debtor to seek exit from the Corporate Insolvency Resolution Process (CIRP) before CoC formation. The Tribunal directed the Appellant to approach the Adjudicating Authority for seeking exit by submitting the settlement terms and ordered a temporary halt on CoC formation to facilitate this process. en-us Mon, 04 Jan 2021 00:00:00 +0530 Mon, 19 Jul 2021 10:22:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296400 The National Company Law Appellate Tribunal addressed the issue of setting aside an admission order under Section 9 of the Insolvency and Bankruptcy Code, 2016 following a settlement between the Creditor and the Corporate Debtor. The Tribunal emphasized that the absence of a settlement before admission does not invalidate the admission order. It was noted that the Committee of Creditors (CoC) had not been constituted, allowing the Corporate Debtor to seek exit from the Corporate Insolvency Resolution Process (CIRP) before CoC formation. The Tribunal directed the Appellant to approach the Adjudicating Authority for seeking exit by submitting the settlement terms and ordered a temporary halt on CoC formation to facilitate this process. Case-Laws Insolvency and Bankruptcy Mon, 04 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296400