The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed against Xrbia Developers Limited by New Consolidated Construction Company Limited. The erstwhile director submitted that the matter has been settled, and the application is to be allowed, especially in view of the order of Hon'ble NCLAT in Company Appeal No. 1017/2022. The Hon'ble NCLAT observed that under Rule 11 of the NCLT Rules, the Adjudicating Authorities are empowered to allow the withdrawal of the application based on the settlement between the Applicant and the Corporate Debtor.
New Consolidated Construction Company Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Xrbia Developers Limited. The counsel for the erstwhile director submitted that the matter had been settled. The counsel for the IRP submitted that a formal application was pending scrutiny. The erstwhile director did not press the reference made in the IA and had no complaints against the IRP. The Hon'ble NCLAT had observed that the Adjudicating Authorities are empowered to allow the withdrawal of the application based on the settlement between the Applicant and the Corporate Debtor. This observation is relevant because it provides the legal basis for allowing the withdrawal of the application.
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Order delivered on…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed against Xrbia Developers Limited by New Consolidated Construction Company Limited. The erstwhile director submitted that the matter has been settled, and the application is to be allowed, especially in view of the order of Hon'ble NCLAT in Company Appeal No. 1017/2022. The Hon'ble NCLAT observed that under Rule 11 of the NCLT Rules, the Adjudicating Authorities are empowered to allow the withdrawal of the application based on the settlement between the Applicant and the Corporate Debtor.
New Consolidated Construction Company Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Xrbia Developers Limited. The counsel for the erstwhile director submitted that the matter had been settled. The counsel for the IRP submitted that a formal application was pending scrutiny. The erstwhile director did not press the reference made in the IA and had no complaints against the IRP. The Hon'ble NCLAT had observed that the Adjudicating Authorities are empowered to allow the withdrawal of the application based on the settlement between the Applicant and the Corporate Debtor. This observation is relevant because it provides the legal basis for allowing the withdrawal of the application.
Order delivered on…