2021 (10) TMI 479

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....Petitioner : Mr. Mukul Rohatgi, Sr. Adv., Mr. Huzefa Ahmadi, Sr. Adv., Mr. Abhijeet Sinha, Adv., Mr. Himanshu Satija, Adv., Mr. Mahesh Agarwal, Adv., Mr. Divyang Chandiramani, Adv., Ms. Komal Khushalani, Adv., Mr. Shadab S.Jan., Adv., Ms. Prerana Wagh, Adv., Mr. Yash Tembe, Adv., Mr. Aditya Shukla, Adv., Mr. Rohan Sharma, Adv., Mr. E. C. Agrawala, AOR For the Intervenor Union Bank of India - Mr....

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....ch, in I.A. NO.1196 of 2021 in Company Petition (IB) No.1069 of 2020, rejecting the application filed by the respondent no.1 under Rule 11 of the National Company Law Tribunal Rules, 2016 (for short, "the NCLT Rules") praying inter alia for withdrawal of company petition and to set aside the initiation of Corporate Insolvency Resolution Process (CIRP) based on the settlement between the parties ar....

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....ding, is a proceeding in rem. Being a proceeding in rem, it is necessary that the body which is to oversee the resolution process must be consulted before any individual corporate debtor is allowed to settle its claim. A question arises as to what 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 t....