2019 (4) TMI 1924

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....K. Shrawat, Member (J) 1. This is an application filed by a Promoter, Director & Shareholder of the Corporate Debtor Shantai Exim Ltd. for withdrawal of application admitted U/s 7 of the Insolvency & Bankruptcy Code, 2016 ("Code") vide order dated 14.01.2019. This application was filed on 13.02.2019 pursuant to a full and final settlement of the claim admitted in S. 7 petition. 2. The Applicant ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ety percent voting by the CoC can be dispensed with in view the judgement of the Hon'ble Supreme Court, Order dated 25.01.2019 in the matter of Swiss Ribbons & Ors. V. Union Of India & Ors. [Writ Petition (Civil) No. 99 of 2018], wherein the apex court empowered the NCLT to invoke Rule 11 of NCLT Rules so as to allow withdrawal of applications admitted U/s 7, 9 or 10 without the approval of Co....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l). 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 fa....