https://www.taxtmi.com/caselaws?id=296410 The Supreme Court declined to invoke inherent power under Rule 11 of the NCLT Rules, 2016, before the constitution of the Committee of Creditors, emphasizing the need for caution to avoid triggering multiple cases due to settlements affecting various creditors. The judgment clarified that the Adjudicating Authority can exercise inherent jurisdiction if Directors or shareholders settle claims, allowing for applications under Section 12A for settling all creditors' claims. The Resolution Professional and Committee of Creditors must adhere to legal procedures to maintain the Corporate Debtor as a going concern, ensuring cooperation from the Appellant and Promoters in project and asset handover. en-us Thu, 29 Aug 2019 00:00:00 +0530 Thu, 22 Jul 2021 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296410 The Supreme Court declined to invoke inherent power under Rule 11 of the NCLT Rules, 2016, before the constitution of the Committee of Creditors, emphasizing the need for caution to avoid triggering multiple cases due to settlements affecting various creditors. The judgment clarified that the Adjudicating Authority can exercise inherent jurisdiction if Directors or shareholders settle claims, allowing for applications under Section 12A for settling all creditors' claims. The Resolution Professional and Committee of Creditors must adhere to legal procedures to maintain the Corporate Debtor as a going concern, ensuring cooperation from the Appellant and Promoters in project and asset handover. Case-Laws Insolvency and Bankruptcy Thu, 29 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296410