https://www.taxtmi.com/caselaws?id=297985 Where the parties settled before constitution of the committee of creditors, the Appellate Tribunal invoked its inherent power under Rule 11 to set aside the insolvency admission order and permit withdrawal of the section 9 proceeding, with all consequential insolvency measures also falling away. The Tribunal also recognised that the interim resolution professional was entitled to reasonable fees and incidental expenses for work already done, and directed the corporate debtor to pay the quantified amount within the time fixed. On settlement, the insolvency process was terminated and the corporate debtor was restored to functioning through its board of directors. en-us Fri, 13 Sep 2019 00:00:00 +0530 Mon, 04 Oct 2021 20:56:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297985 Where the parties settled before constitution of the committee of creditors, the Appellate Tribunal invoked its inherent power under Rule 11 to set aside the insolvency admission order and permit withdrawal of the section 9 proceeding, with all consequential insolvency measures also falling away. The Tribunal also recognised that the interim resolution professional was entitled to reasonable fees and incidental expenses for work already done, and directed the corporate debtor to pay the quantified amount within the time fixed. On settlement, the insolvency process was terminated and the corporate debtor was restored to functioning through its board of directors. Case-Laws Insolvency and Bankruptcy Fri, 13 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297985