https://www.taxtmi.com/caselaws?id=413288 A settlement reached after admission of an insolvency petition but before constitution of the committee of creditors may be considered by the appropriate forum in exercise of inherent power where no express remedy exists. However, where the Insolvency and Bankruptcy Code and its regulations specifically provide a withdrawal mechanism under Section 12-A and Regulation 30-A, the Appellate Tribunal cannot use Rule 11 to bypass that procedure. The application to take the settlement on record and set aside the impugned order was therefore held not maintainable before the Appellate Tribunal, and recourse had to be taken to the statutory withdrawal route. en-us Wed, 06 Oct 2021 00:00:00 +0530 Mon, 11 Oct 2021 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413288 A settlement reached after admission of an insolvency petition but before constitution of the committee of creditors may be considered by the appropriate forum in exercise of inherent power where no express remedy exists. However, where the Insolvency and Bankruptcy Code and its regulations specifically provide a withdrawal mechanism under Section 12-A and Regulation 30-A, the Appellate Tribunal cannot use Rule 11 to bypass that procedure. The application to take the settlement on record and set aside the impugned order was therefore held not maintainable before the Appellate Tribunal, and recourse had to be taken to the statutory withdrawal route. Case-Laws Insolvency and Bankruptcy Wed, 06 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413288