2019 (6) TMI 1559

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....DER Manorama Kumari, Member (J) The parties are represented through their respective learned counsels. The instant application is filed by the Petitioner as well as Respondent jointly with a prayer to recall the order dated 29.05.2019 passed by this Bench in CP(IB) 26/2019 filed under section 9 of the IB Code, in view of the settlement arrived between the parties. On perusal of the rec....

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....r payment receipt or any invoice filed in respect of the expenditure incurred. Since, party has settled mutually, I found no reason to reject the petition so filed by the petitioner jointly for withdrawal of the application at this stage relying on a judgment of the Hon'ble Supreme Court in the matter of Swiss Ribbons vs. Union of India (Writ Petition (Civil) No.99 of 2018 decided on 25.01.201....

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....nal). 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 f....