https://www.taxtmi.com/caselaws?id=420179 Before constitution of the Committee of Creditors, the Tribunal may allow withdrawal or settlement of a corporate insolvency resolution process by exercising inherent powers under Rule 11. The procedural mechanism under Section 12A of the Insolvency and Bankruptcy Code and Regulation 30A was treated as directory in that situation, because the consent framework did not arise without a constituted Committee of Creditors. The interim resolution professional was also found entitled to reasonable fees and expenses for work performed during the process, and a fair quantified amount was fixed on the facts where detailed expenditure particulars were not available. The insolvency proceedings were therefore terminated on settlement, subject to payment of the professional's costs. en-us Wed, 16 Mar 2022 00:00:00 +0530 Tue, 29 Mar 2022 08:35:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420179 Before constitution of the Committee of Creditors, the Tribunal may allow withdrawal or settlement of a corporate insolvency resolution process by exercising inherent powers under Rule 11. The procedural mechanism under Section 12A of the Insolvency and Bankruptcy Code and Regulation 30A was treated as directory in that situation, because the consent framework did not arise without a constituted Committee of Creditors. The interim resolution professional was also found entitled to reasonable fees and expenses for work performed during the process, and a fair quantified amount was fixed on the facts where detailed expenditure particulars were not available. The insolvency proceedings were therefore terminated on settlement, subject to payment of the professional's costs. Case-Laws Insolvency and Bankruptcy Wed, 16 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420179