2022 (7) TMI 1409

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....RSON, JUSTICE M. SATYANARAYANA MURTHY, MEMBER (JUDICIAL) AND BARUN MITRA, MEMBER (TECHNICAL) For the Appellant : Mr. Rajendra Beniwal, Mr. Amar Singhania, Mr. Sunil Tripathi, Mr. Saksham Solanki, Ms. Mansi Kukreja, Ms. Bano Deshwal, Mr. Shreyansh Gaur, Advocates. For the Respondent : Mr. M. P. Sahay, Ms. Eccha Shukla and Mr. Sachin Kharb, Advocates for R-1 & 2. ORDER Heard learned coun....

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....ecessary statements for the purpose of withdrawal of aforesaid Application in terms of present consent terms. The Financial Creditors will file an Application seeking withdrawal of the said Petition i.e. IB-2340(ND)/2019 before the Hon'ble National Company Law Tribunal, New Delhi Bench - IV. The Corporate Debtor/ Party of Second Part shall make submission before the National Company Law Tribunal, ....

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....nder Section 7 stands dismissed as withdrawn, in exercise of powers conferred under Rule 11 of the NCLT Rules, 2016. 4. The case of the Appellant is that there is default committed by the Corporate Debtor, consequently, he filed application seeking revival of the Corporate Insolvency Resolution Process is terms of Clause 8 of the Consent Terms, which application has been rejected by the Adjudic....

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....6. We have considered submissions of learned counsel for the parties and perused the record. 7. The Consent Terms in Clause 8 as has been extracted above clearly entitle the Financial Creditor to revive the Section 7 petition in event any default of the terms of the Consent Terms. Further, the order dated 05.02.2020 cannot be read as an order by which Consent Terms has not been taken on record ....