https://www.taxtmi.com/caselaws?id=437855 Before constitution of the Committee of Creditors, a settlement between the financial creditor and the corporate debtor may be accepted under Section 12A and Regulation 30A, with the Tribunal also invoking its inherent powers where the compromise is genuine. On that basis, the insolvency process may be closed and the admission order set aside. The existence of another creditor's filed claim does not, by itself, prevent withdrawal or closure at this pre-CoC stage; such creditor remains free to pursue independent remedies for its own claim. 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 Before constitution of the Committee of Creditors, a settlement between the financial creditor and the corporate debtor may be accepted under Section 12A and Regulation 30A, with the Tribunal also invoking its inherent powers where the compromise is genuine. On that basis, the insolvency process may be closed and the admission order set aside. The existence of another creditor's filed claim does not, by itself, prevent withdrawal or closure at this pre-CoC stage; such creditor remains free to pursue independent remedies for its own claim. Case-Laws Insolvency and Bankruptcy Mon, 15 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437855