https://www.taxtmi.com/caselaws?id=308982 The National Company Law Appellate Tribunal dismissed the appeal challenging the order admitting an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Tribunal held that negotiations alone cannot justify interference unless there is illegality. It emphasized that once an application is admitted, it cannot be withdrawn, even by the Operational Creditor, to protect the rights of other creditors. The appellant's prayer was rejected, but they were allowed to settle claims with other creditors, with the possibility of closing the resolution process upon satisfaction of claims. en-us Thu, 13 Jul 2017 00:00:00 +0530 Fri, 04 Aug 2023 21:24:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308982 The National Company Law Appellate Tribunal dismissed the appeal challenging the order admitting an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Tribunal held that negotiations alone cannot justify interference unless there is illegality. It emphasized that once an application is admitted, it cannot be withdrawn, even by the Operational Creditor, to protect the rights of other creditors. The appellant's prayer was rejected, but they were allowed to settle claims with other creditors, with the possibility of closing the resolution process upon satisfaction of claims. Case-Laws Insolvency and Bankruptcy Thu, 13 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308982