TaxTMI 
TaxTMI 
2017 (9) TMI 1447
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....hority, settled the dispute with the 'Operational Creditor' and other Creditors who applied pursuant to notice and filed an Interlocutory Application for withdrawal of the petition. By impugned order dated 29th May, 2017, the Adjudicating Authority rejected the application on the ground that after admission of an application, petition for withdrawal cannot be entertained. 3. Ld. Counsel appearing on behalf of the appellant submits that the application was admitted on 201h April, 2017, without notice to the appellant-'Corporate Debtor'. Subsequently, having come to know of the same, the amount claimed by 'Operational Creditor' and other Creditors has already been paid and claims of all the Creditors have been satisfied;. in that view of the matter, the Adjudicating Authority ought to have allowed the appellant to withdraw the application. 4. Notice was issued on respondent and the 'Insolvency Resolution Professional'. In spite of service of notice, the Respondent- 'Operational Creditor' has not appeared and not disputed the stand taken by appellant. 5. Mr. Arun Kumar Gupta, Chartered Accountant, 'Insolvency Resolution Professional' ....
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....ne 45,73,250/- Email of 8.5.17 6. That the meetings of the Committee of Creditors, consisting solely of Punjab National Bank were held on 6.5.17 and 12.7.17 respectively. 7. That progress reports were submitted by me before the Hon'ble National Company Law Tribunal, Kolkata Bench, Kolkata as per below details - 1st Progress Report on 28.4.17 and 4th Progress Report on 23.6.17." 6. 'Insolvency Resolution Professional' submits that the claim amount of all the creditors have been paid. The Punjab National Bank has not declared their account as Non-Performing Asset (NPA) account and the account is standard account from where payment is made. 7. As per Rule 8 of the I & B Code (Application to Adjudicating Authority) Rules 2016, the Adjudicating Authority may permit withdrawal of the application on the request of the applicant before its admission. Tribunal has no power to allow any applicant or any other person to withdraw the application after admission, as apparent from Rule 8 and quoted below: "8. Withdrawal of application- The Adjudicating Authority may permit withdrawal of the application made under rules 4, 6 or 7, as the case may be, on a request made b....
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....tee of creditors. Personnel to extend cooperation to interim resolution professional. Management of operations of corporate debtor as going concern. Committee of creditors. (3) Where the corporate debtor owes financial debts to two or more financial creditors as part of a consortium or agreement, each such financial creditor shall be part of the committee of creditors and their voting share shall be determined on the basis of the financial debts owed to them. (4) Where any person is a financial creditor as well as an operational creditor, - (a) such person shall be a financial creditor to the extent of the financial debt owed by the corporate debtor, and shall be included in the committee of creditors, with voting share proportionate to the extent offinancial debts owed to such creditor; (b) such person shall be considered to be an operational creditor to the extent of the operational debt owed by the corporate debtor to such creditor. (5) Where an operational creditor has assigned or legally transferred any operational debt to a financial creditor, the assignee or transferee shall be considered as an operational creditor to the extent of such assignment or legal tra....
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....e; (c) operational creditors or their representatives if the amount of their aggregate dues is not less than ten per cent. of the debt. (4) The directors, partners and one representative of operational creditors, as referred to in sub-section (3), may attend the meetings of committee of creditors, but shall not have any right to vote in such meetings: Provided that the absence of any such director, partner or representative of operational creditors, as the case may be, shall not invalidate proceedings of such meeting. (5) Any creditor who is a member of the committee of creditors may appoint an insolvency professional other than the resolution professional to represent such creditor in a meeting of the committee of creditors: Provided that the fees payable to such insolvency professional representing any individual creditor will be borne by such creditor. Resolution professional to conduct corporate insolvency resolution process. Meeting of committee of creditors. (6) Each creditor shall vote in accordance with the voting share assigned to him based on the financial debts owed to such creditor. (7) The resolution professional shall determine the voting share to....
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....the resolution plan as approved by the committee of creditors to the Adjudicating Authority." 15. As noticed above, the Adjudicating Authority, thereafter, if satisfied with resolution plan approved by the committee of creditors and meets the requirements as referred to in sub-section (2) of section 30, it shall by order may approve the resolution plan in terms of sub-section (1) of Section 31, which reads as follows: - "31. Approval of resolution plan. - (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of section 30 meets the requirements as referred to in sub-section (2) of section 30, it shall by order approve the resolution plan which shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan. Submission of resolution plan. Approval of resolution plan. (2) Where the Adjudicating Authority is satisfied that the resolution plan does not confirm to the requirements referred to in sub-section (1), it may, by an order, reject the resolution plan. (3) After the order of approval under sub-section (1),- ....