2019 (4) TMI 2037

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.... AND SHRI V. NALLASENAPATHY, MEMBER (T) ORDER MA 1104/2019 This is an application for early hearing of the case and the same is allowed. MA 1043/2019 This is an application filed by the CFM Assets Reconstruction Limited who is the assignee of the debt of TJSB Sahakari Bank Limited. It is submitted that Petition was admitted by this Adjudicating Authority against the Corporate Debtor....

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....y Limited and as a financial creditor this Applicant prayed for withdrawal of this Petition in view of the fact that the COC is not constituted and the Applicant and the Corporate Debtor have agreed to negotiate and restructure the loan. The IRP has filed memo that he has no objection for withdrawal of this Petition. The Hon'ble Supreme Court in the matter of "Swiss Ribbons Pvt. Ltd. & Another Vs ....

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....ittee 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 facts of each case." In view of the order of the Hon....