2019 (9) TMI 967

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.... Collection Manager of the Applicant/Financial Creditor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "I & B Code") for withdrawal of the IB Petition i.e. CP (IB) No. 325 of 2018 by recalling of the Corporate Insolvency Resolution Process, in respect of the Corporate Debtor company, viz., M/s. Ambica Concrete Company (India) Limited. 2. It is matter of record that this Adjudicating Authority, vide its order dated 19.06.2019, has earlier admitted the I.B. Petition by appointing Ms. Bhavi Shreyans Shah (CA) as Interim Resolution Professional (IRP) to conduct CIRP in respect of the Corporate Debtor company as per the IB Code. 3. The above said order was communicated to the IRP. It is further....

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.... may be set aside and Application under Section 7 of the Code be disposed off as withdrawn and the Interim Resolution Professional be discharged from his duties upon payment of the cost incurred by her by the Corporate Debtor or the Applicant and therefore present Interlocutory Application is required to be allowed by this Tribunal". 7. On the basis of the above given facts and circumstances of the present case, we heard submission of the applicant's counsel as well as Ms. Bhavi Shreyans Shah (CA), the Interim Resolution Professional, and further also gone through the contents of the present application along with its enclosures. 8. As per record, the present application is moved by the applicant/financial creditor before formal C....

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....is to happen before a committee of creditors is constituted (as per the timelines that are specified, a committee of creditors can be appointed at any time within 30 days from the date of appointment of the interim resolution professional). We make it clear that at any stage where the committee of creditors is not yet constituted, a party can approach the NCLT directly, which Tribunal may, in exercise of its inherent powers under Rule 11 of the NCLT Rules, 2016, allow or disallow an application for withdrawal or settlement This will be decided after hearing all the concerned parties and considering all relevant factors on the facts of each case". 11. By following the above referred Judicial precedent, it is now legally settled that this ....