https://www.taxtmi.com/caselaws?id=296433 The Tribunal allowed the withdrawal of the Application under Section 9 of the IBC due to a settlement reached before the formation of the Committee of Creditors. The Settlement Deed, signed by the Corporate Debtor's authorized signatory after the Application was admitted, was scrutinized. Relying on Rule 11 of NCLAT Rules, 2016, the Tribunal set aside the Impugned Order, releasing the Corporate Debtor from insolvency proceedings. All related orders were declared illegal, and the Corporate Debtor was permitted to operate independently through its Board of Directors. The IRP/RP was directed to submit details of the insolvency process costs for review. en-us Mon, 03 Feb 2020 00:00:00 +0530 Tue, 20 Jul 2021 21:45:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296433 The Tribunal allowed the withdrawal of the Application under Section 9 of the IBC due to a settlement reached before the formation of the Committee of Creditors. The Settlement Deed, signed by the Corporate Debtor's authorized signatory after the Application was admitted, was scrutinized. Relying on Rule 11 of NCLAT Rules, 2016, the Tribunal set aside the Impugned Order, releasing the Corporate Debtor from insolvency proceedings. All related orders were declared illegal, and the Corporate Debtor was permitted to operate independently through its Board of Directors. The IRP/RP was directed to submit details of the insolvency process costs for review. Case-Laws Insolvency and Bankruptcy Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296433