https://www.taxtmi.com/caselaws?id=437855 The Tribunal allowed the appeal filed by a Suspended Director of the Corporate Debtor challenging the Order admitting the Section 7 Application by IDFC First Bank Limited. The Tribunal considered a settlement proposal, intervened by Catalyst Trusteeship Limited, and ultimately closed the Corporate Insolvency Resolution Process (CIRP) under Rule 11 of NCLAT Rules, 2016, due to the settlement between the parties. The Tribunal emphasized that before the constitution of the Committee of Creditors (CoC), parties can seek withdrawal of applications, and other creditors are free to pursue their claims independently. The appeal was disposed of, setting aside the initial Order and granting the intervener liberty to pursue separate legal actions. en-us Mon, 15 May 2023 00:00:00 +0530 Wed, 17 May 2023 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437855 The Tribunal allowed the appeal filed by a Suspended Director of the Corporate Debtor challenging the Order admitting the Section 7 Application by IDFC First Bank Limited. The Tribunal considered a settlement proposal, intervened by Catalyst Trusteeship Limited, and ultimately closed the Corporate Insolvency Resolution Process (CIRP) under Rule 11 of NCLAT Rules, 2016, due to the settlement between the parties. The Tribunal emphasized that before the constitution of the Committee of Creditors (CoC), parties can seek withdrawal of applications, and other creditors are free to pursue their claims independently. The appeal was disposed of, setting aside the initial Order and granting the intervener liberty to pursue separate legal actions. Case-Laws Insolvency and Bankruptcy Mon, 15 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437855