Company Appeal (AT) (Insolvency) No. 564 of 2019
Dr. Ashish Naithani …Appellant
Anil Matta & Anr. …Respondents
For Appellant: – Mr. Mrinal Harshvardhan and Mr. Kartik Sarin, Advocates.
For Respondents: – Mr. Dhairya Madan and Mr. Shwetank Singh, Advocates.
O R D E R
There is dispute about the date of constitution of the ‘Committee of Creditors’, the ‘Operational Creditor’, who has filed application under section 9, no other person asked to withdraw the application and thereby the Director/ Promoter of the ‘Corporate Debtor’ cannot request for withdrawal.
- ‘Para 6. In the case of “Swiss Ribbons Pvt. Ltd.” (Supra), the Hon’ble Supreme Court has made it clear that where the ‘Committee 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.”
- “Para.9 This apart, as we find that the ‘Financial Creditor’ has already appeared before us, we are also not inclined to exercise inherent power under Rule 11 of the National Company Law Tribunal Rules, 2016 to allow even the Respondent- ‘Operational Creditor’ to withdraw the application on oral prayer. The appeal is accordingly dismissed. No costs.”
Click here to read full order: 24th May 2019 In the matter of Ashish Naithani. VS Anil Matta & Anr [CA(AT)(Insolvency) 564-2019]_2019-05-28 15_51_13