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Tribunal Allows Withdrawal of CIRP Application under Insolvency & Bankruptcy Code The Tribunal granted permission for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) application under the Insolvency & Bankruptcy ...
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Tribunal Allows Withdrawal of CIRP Application under Insolvency & Bankruptcy Code
The Tribunal granted permission for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) application under the Insolvency & Bankruptcy (I & B) Code, 2016. The Resolution Professional (RP) sought approval to withdraw the application initially filed by a financial creditor, which was approved by the Committee of Creditors (COC). Considering the direct payment of CIRP costs by the corporate debtor and RP's fees settlement, along with COC's unanimous decision, the Tribunal allowed the withdrawal. As a result, the application seeking withdrawal was permitted, and the initial CIRP application was disposed of as withdrawn.
Issues involved: Permission for withdrawal of Corporate Insolvency Resolution Process (CIRP) application under I & B Code, 2016.
Analysis: The Tribunal considered an application (CA No.267/2018) filed by the Resolution Professional (RP) under Section 12(A) of the Insolvency & Bankruptcy (I & B) Code, 2016, along with Regulation 30(A) of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. The RP sought permission to withdraw CP No. (IB) 190/ALD/2018, which was initially filed by a financial creditor under Section 7 of the I & B Code. The CIRP was commenced by the Authority through an order dated 19.09.2018, and the Committee of Creditors (COC) was constituted by the Insolvency Resolution Professional (IRP) with only one financial creditor triggering the CIRP.
The financial creditor submitted Form-FA to the RP, expressing the intention to withdraw CP No. (IB) 190/ALD/2018. The RP, in turn, presented this Form-FA before the COC meeting held on 19.10.2018, where the COC unanimously approved the withdrawal of the application. Subsequently, based on the Form-FA and the COC resolution, the IRP filed an application under Regulation 30(A) seeking permission for withdrawal of the application.
During the proceedings, it was highlighted that the CIRP costs had been directly paid by the corporate debtor to the IRP, and the RP's fees were also directly settled by the corporate debtor. Considering these facts and the approval by the COC, the Tribunal allowed CA No.267/2018, thereby permitting the withdrawal of CP No. (IB) 190/ALD/2018. Consequently, CA No.267/2018 was disposed of, and CP.(IB)190/ALD/2018 was also disposed of as withdrawn.
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