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Tribunal approves company petition withdrawal under Section 12A of Insolvency & Bankruptcy Code. The Tribunal approved the withdrawal of the company petition under Section 12A of the Insolvency and Bankruptcy Code. The Committee of Creditors granted ...
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Tribunal approves company petition withdrawal under Section 12A of Insolvency & Bankruptcy Code.
The Tribunal approved the withdrawal of the company petition under Section 12A of the Insolvency and Bankruptcy Code. The Committee of Creditors granted 100% voting share for the withdrawal application, leading to the lifting of the moratorium order and closure of the Corporate Insolvency Resolution Process. The Tribunal's decision effectively concluded the CIRP for the Corporate Debtor, following compliance with regulatory requirements and approval processes.
Issues: 1. Application for withdrawal of company petition filed under section 9 of the Insolvency and Bankruptcy Code. 2. Compliance with Section 12A of the Code for withdrawal of application. 3. Approval process by Committee of Creditors for withdrawal application. 4. Tribunal's authority to approve withdrawal application under Section 12A.
Analysis: 1. The application was filed seeking permission to withdraw the company petition CP(IB) NO.671/9/HDB/2018, which was originally filed under section 9 of the Insolvency and Bankruptcy Code (IBC).
2. The Applicant/RP initiated Corporate Insolvency Resolution Process (CIRP) proceedings and constituted the Committee of Creditors with two Operational Creditors whose claims were admitted. The RP filed necessary reports and certificates as required under the regulations.
3. The Committee of Creditors approved the withdrawal application with 100% voting share, complying with the provisions of Section 12A of the IBC. The RP submitted the application to the Adjudicating Authority for approval, as mandated by the regulations.
4. The Tribunal, exercising its powers under Section 12A of the IBC read with regulations 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, approved the withdrawal application. Consequently, the moratorium order was lifted, and the CIRP was closed.
In conclusion, the Tribunal granted approval for the withdrawal of the company petition based on the compliance with Section 12A of the IBC, the approval by the Committee of Creditors, and the submission of necessary documents and certificates. The Tribunal's decision effectively ended the CIRP for the Corporate Debtor, as the withdrawal application was successfully processed and approved.
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