Latest Judgement: NCLAT : Order of AA initiating CIRP under Section 9 of I&B Code, 2016 set aside.

The promoter of the Corporate Debtor have preferred this appeal to set a side the impugned order of AA  impugned order dated 20th September, 2019 under Section 9 of the I&B code preferred by M/s Aanav Construction Co.

‘M/s Aanav Construction Co’. moved an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for short the ‘I&B Code’), pursuant to which the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench by impugned order dated 20th September, 2019 initiated ‘Corporate Insolvency Resolution Process’ against ‘Shri Balaji Infradevelopers Private Limited’.

However the Promoters/appellant  have settled the claim of all the 11 Claimants before the constitution of COC  and preferred this appeal .

Therefore this appellate tribunal held that as the Promoters have settled the claim of all the 11 Claimants and the ‘Committee of Creditors’ has not been constituted, Appellate Tribunal in  exercise of powers conferred by Rule 11 of the NCLAT Rules, 2016 set-aside the impugned order dated 20th September, 2019 and dispose of the application under Section 9 of the I&B code preferred by M/s Aanav Construction Co. as withdrawn.