{"id":219586,"date":"2019-09-16T09:30:34","date_gmt":"2019-09-16T04:00:34","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=219586"},"modified":"2019-09-26T12:44:04","modified_gmt":"2019-09-26T07:14:04","slug":"nclat-appellate-tribunal-exercises-inherent-powers-under-r-11-of-nclat-rules-quashes-cirp-where-settlement-reached-between-parties-before-constitution-of-coc","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/16\/nclat-appellate-tribunal-exercises-inherent-powers-under-r-11-of-nclat-rules-quashes-cirp-where-settlement-reached-between-parties-before-constitution-of-coc\/","title":{"rendered":"NCLAT | Appellate Tribunal exercises inherent powers under R. 11 of NCLAT Rules, quashes CIRP where settlement reached between parties before constitution of CoC"},"content":{"rendered":"

National Company Law Appellate Tribunal (NCLAT):\u00a0<\/strong>A Bench of Justice S.J. Mukhopadhaya, Chairperson and Kanthi Narahari, Member (Technical), allowed an appeal seeking to quash the Corporate Insolvency Resolution Process against the Corporate Debtor.<\/p>\n

The Operation Creditor had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 which was admitted by the Adjudicating Authority and Corporate Insolvency Resolution Process was initiated against the Corporate Debtor.<\/p>\n

Rajiv Shukla, Shivani Kapoor and Gorang Goyal, Advocates for the appellant submitted that the matter had been settled with the Operation Creditor. It was submitted that the Corporate Debtor had paid the entire amount shown in the Demand Notice before the Committee of Creditors was appointed.<\/p>\n

The fact of settlement between the parties before the constitution of Committee of Creditors was accepted by Nikshubha Sethi, Advocate appearing for the Operational Creditor and Syed Sarfaraz Karim, Advocate appearing for the Interim Resolution Professional.<\/p>\n

In view of the admitted settlement reached between the parties, the Appellate Tribunal exercised inherent powers under Rule 11 of the National Company Law Appellate Tribunal Rules, 2016 and set aside the impugned order whereby the Corporate Insolvency Resolution Process was initiated against the Corporate Debtor. The application under Section 9 IBC filed by the Operational Creditor was dismissed as withdrawn.[Girish Agarwal v. Lavis Signature Panel (P) Ltd., 2019 SCC OnLine NCLAT 490<\/b><\/a>, decided on 13-09-2019]<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal (NCLAT):\u00a0A Bench of Justice S.J. 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Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) dismissed an appeal filed by the Corporate Debtor against the initiation of Insolvency Resolution Process. The Financial Creditor had granted a loan of Rs 1.02 crores to the\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":333709,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/10\/23\/supreme-court-sets-aside-nclat-judgment-that-closed-insolvency-process-against-byju\/","url_meta":{"origin":219586,"position":3},"title":"Supreme Court overturns NCLAT judgment that closed insolvency process against Byju\u2019s, following settlement with BCCI","author":"Apoorva","date":"October 23, 2024","format":false,"excerpt":"The present appeal raises substantial questions about the legal framework governing the withdrawal of a CIRP; the settlement of claims after the admission of an application instituted by a debtor; and the scope of the inherent powers vested in the NCLAT under Rule 11 of the NCLAT Rules.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Insolvency Process against BYJU","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/10\/Insolvency-Process-against-BYJU.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/10\/Insolvency-Process-against-BYJU.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/10\/Insolvency-Process-against-BYJU.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/10\/Insolvency-Process-against-BYJU.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":221949,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/11\/nclat-demand-notice-issued-under-s-8-ibc-against-corporate-debtor-for-dues-of-sister-concern-group-company-is-not-valid\/","url_meta":{"origin":219586,"position":4},"title":"NCLAT | Demand notice issued under S. 8 IBC against Corporate Debtor for dues of sister concern\/group company is not valid","author":"Bhumika Indulia","date":"November 11, 2019","format":false,"excerpt":"National Company Appellate Tribunal (NCLAT):\u00a0The Bench of Justice A.I.S Cheema, Member (Judicial), Kanthi Narahari, Member (Technical) and V.P. Singh, Member (Technical), allowed an appeal filed against the order of the National Company Law Tribunal, New Delhi, whereby it had admitted the petition under Section 9 of the Insolvency and Bankruptcy\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":262217,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/22\/can-application-filed-under-s-951-read-with-s-601-ibc-be-rejected-on-ground-that-no-corporate-insolvency-resolution-process-was-pending-against-corporate-debtor-nclat-addresses\/","url_meta":{"origin":219586,"position":5},"title":"Can application filed under S. 95(1) read with S. 60(1) IBC be rejected on ground that no Corporate Insolvency Resolution Process was pending against Corporate Debtor? NCLAT addresses","author":"Bhumika Indulia","date":"February 22, 2022","format":false,"excerpt":"\u00a0If CIRP or Liquidation Proceeding of a Corporate Debtor is pending before a NCLT, application relating to Insolvency Process of Corporate or Personal Guarantor should be filed before same NCLT. National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice Ashok Bhushan (Chairperson) and Dr Alok Srivastava (Technical\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/219586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=219586"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/219586\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/153604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=219586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=219586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=219586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}