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Judgment
Ld. Counsel appears for the financial creditor/applicant. Ld. Counsel for the suspended board of directors of the corporate debtor appears. Ld. RP appears. CA(IB) 1121/KB/2019 is filed by the RP for withdrawal of the main CP on the ground that financial creditor and corporate debtor entered into settlement after admission of CIRP against the corporate debtor.
This application cannot be considered under rule 8 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, neither it can be considered under section 12A of IBC because CoC is yet to be formed. However, since the parties entered into settlement, we are inclined to use our inherent jurisdiction under rule 11 of NCLT Rules and allow withdrawal. CP stands withdrawn and disposed off. CA also stands disposed off.