CIRP Withdrawal Approved: Settlement Reached Under IBC Section 12A Without Required 90% Creditor Approval Due to Early Filing.

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CIRP Withdrawal Approved: Settlement Reached Under IBC Section 12A Without Required 90% Creditor Approval Due to Early Filing.

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....Withdrawal of CIRP Application filed u/s 12 A of IBC - settlement between the Appellants and the Corporate Debtor - On the day when the Application was filed, there was no requirement of approval of ninety percent of voting share of Committee of Creditors - entire dues of the Appellant were paid by the Corporate Debtor under Memorandum of Settlement dated 25.08.2021. An Application was also filed on 25.08.2021 i.e. before the constitution of the Committee of Creditors. - The Adjudicating Authority without considering the facts and sequence of the events had refused to entertain the Application - Appeal allowed - AT....

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CIRP Withdrawal Approved: Settlement Reached Under IBC Section 12A Without Required 90% Creditor Approval Due to Early Filing.