TaxTMI 
TaxTMI 
2019 (4) TMI 594
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....Code") for withdrawal of the IB Petition i.e. CP (IB) No.39 of 2018 and for recalling of the Corporate Insolvency Resolution Process as initiated by this Bench's order dated 16.01.2019, whereby this Bench has admitted the petition by declaring Moratorium, in respect of the Corporate Debtor company, viz. M/s. Jason Decor Pvt. Ltd. and appointed the Interim Resolution Professional (IRP). 2. However, subsequent to appointment of the IRP but prior to constitution of Committee of Creditors (CoC), the present application is moved before this Adjudicating Authority, as it is filed on 04.02.2019, seeking withdrawal of the IB Petition and to recall the Corporate Insolvency Resolution Process (CIRP) before constitution of CoC under the provisions ....
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....judicial precedent, the petitioner is now contending that this Adjudicating Authority has been conferred with necessary power and jurisdiction to permit the petitioner to withdraw this IB Petition at post admission stage even without seeking consent of the CoC and its members. 5. The Petitioner, in support of its case, has further placed reliance on another decision of Hon'ble NCLAT in the matter of Ashish Garodia v. Impact Event Management in Company Appeal (AT) (Insolvency) No.67 of 2019, wherein Their Lordships have been pleased to permit withdrawal of a IB Petition at post admission stage by observe as such; 4. In spite of service of notice, the 'Interim Resolution Professional' has not appeared but it is informed that the '....
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....g issued on the present application to the IRP, by inviting his comments on proposed settlement and withdrawal of the present IB Petition by recalling the CIRP. The RP appeared in person before this Bench on 18.02.2019. He orally opposed the present application by reporting that meeting of the CoC was already proposed to be convened on 19.02.2019, wherein the Sole Member of the CoC, i.e. Indian Overseas Bank (IOB), would participate as its claim is much higher than the claim of the present applicant, being an Operational Creditor of the present IB Petition. 8. We duly considered the above stated submission of the IRP. It is now undisputed position in the matter that the present application for settlement was filed on 04.02.2019 before th....
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....on of Hon'ble NCLAT in Ashish Garodia (supra). 11. Thus, we find no impediment for accepting the proposal of settlement at the post-admission of the present IB Petition. Hence, it is hereby accepted. Notwithstanding the above, it is expedient to issue necessary direction to the Petitioner-Operational Creditor as well as to the Corporate Debtor company to bear the expenses and cost of the CIRP, which has been incurred by the present IRP, towards payment of his professional fees and other expenses incurred, which shall be prerequisite for approval of the present settlement. Therefore, the Petitioner as well as Corporate Debtor company is directed to pay fee of Rs. 50,000/- (Rupees Fifty Thousand) to the IRP along with actual amount of nece....