The case involves an appeal against an order dated 17th January 2020, where the Tribunal sent back a matter to the Adjudicating Authority (National Company Law Tribunal, Division Bench - I, Chennai) due to a settlement between the Operational Creditor and the Corporate Debtor dated 7th January 2020. The Committee of Creditors (COC) had not yet been constituted. The Tribunal had directed the Adjudicating Authority to take action under Section 12A of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Regulation 30A, to seek an appropriate remedy. The learned Counsel argued that the only option available to the Adjudicating Authority was to accept the settlement, as Regulation 30A does not require sending notice to the Financial Creditors for their response to the
…The Tribunal had previously sent a matter back to the Adjudicating Authority due to a settlement between the Operational Creditor and the Corporate Debtor. The Committee of Creditors (COC) had not yet been constituted. The Tribunal directed the Adjudicating Authority to take action under Section 12A of the IBC, read with Regulation 30A. The appellant argued that the Adjudicating Authority's only option was to accept the settlement, as Regulation 30A does not require notice to Financial Creditors. The Adjudicating Authority had not yet made a final decision regarding the application for withdrawal under Section 12A, which had been admitted under Section 9 of the IBC. The Tribunal considered the judgment in "Swiss Ribbons Pvt. Ltd. & Anr. vs. Union of India & Ors.".
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Settlement between the…
Tribunal passed an order in Company Appeal (AT)…
The case involves an appeal against an order dated 17th January 2020, where the Tribunal sent back a matter to the Adjudicating Authority (National Company Law Tribunal, Division Bench - I, Chennai) due to a settlement between the Operational Creditor and the Corporate Debtor dated 7th January 2020. The Committee of Creditors (COC) had not yet been constituted. The Tribunal had directed the Adjudicating Authority to take action under Section 12A of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Regulation 30A, to seek an appropriate remedy. The learned Counsel argued that the only option available to the Adjudicating Authority was to accept the settlement, as Regulation 30A does not require sending notice to the Financial Creditors for their response to the
…The Tribunal had previously sent a matter back to the Adjudicating Authority due to a settlement between the Operational Creditor and the Corporate Debtor. The Committee of Creditors (COC) had not yet been constituted. The Tribunal directed the Adjudicating Authority to take action under Section 12A of the IBC, read with Regulation 30A. The appellant argued that the Adjudicating Authority's only option was to accept the settlement, as Regulation 30A does not require notice to Financial Creditors. The Adjudicating Authority had not yet made a final decision regarding the application for withdrawal under Section 12A, which had been admitted under Section 9 of the IBC. The Tribunal considered the judgment in "Swiss Ribbons Pvt. Ltd. & Anr. vs. Union of India & Ors.".
Settlement between the…
Tribunal passed an order in Company Appeal (AT)…