2020 (2) TMI 1528

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....i Jain, Advocates for Operational Creditor Mr. Manoj Kumar Garg, Mr. B.L. Sotya, and Mr. Rakehs Kumar Jain, Advocates for IRP. Mr. Gursat Singh and Mr. Biswaksen Panda, Advocates for Prema Gupta(FC) ORDER Heard learned Counsel for Appellant. It is stated that in this matter the Impugned Order was passed on 04.01.2020 by which Application under Section 9 filed by the 1st Respondent - Operational Creditor was admitted. Learned Counsel states that the Appellant, taking up the case for the Corporate Debtor - Krishna Estate Developers Private Limited, filed this Appeal on 13.01.2020. Along with the Appeal, the Appellant filed Annexure-F (page-92) i.e. Copy of Settlement Deed dated 10.01.2020 annexing copy of Bank Draft of Axis Bank d....

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.... matter of "Girish Agarwal Vs. M/s Lavis Signature Panel Pvt. Ltd." in Company Appeal(AT) (Insolvency) No. 847 of 2019 passed by this Tribunal dated 13.09.2019 to submit that in a similar situation, this Tribunal exercised powers under Rule 11 of NCLAT Rules 2016 and set aside the Impugned Order. Learned Counsel states that in view of this, the Impugned Order may be set aside and the Respondent- Operational Creditor may be permitted to withdraw Application under Section 9 of IBC. Advocate Ms. Anjali Jain is present for the Respondent No. 1 and she supported learned Counsel for the Appellant. 3. Learned Counsel for Interim Resolution Professional (in short 'IRP') is pointing out that Committee of Creditors (in short 'CoC') was constituted....

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....upta has filed Intervention Application and filed claim with the IRP. We are disposing the present Appeal on the basis of the compromise referred. It will be open to the Financial Creditor Prema Gupta to initiate proceedings of her own. 6. In view of the settlement reached before formation of CoC between the parties, in exercise of powers conferred under Rule-11 of NCLAT Rules, 2016, we set aside the Impugned Order dated 04.1.2020 whereby 'Corporate Insolvency Resolution Process' was initiated against Krishna Estate Developers Private Limited (Corporate Debtor) and the Application under Section 9 IBC filed by M/s Dinesh Sanitary Store stands disposed of as withdrawn. 7. In effect, order (s) passed by Ld. Adjudicating Authority appoint....