2019 (12) TMI 129

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....ard of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking permission to withdraw the Application which is admitted u/s. 7 of the IBC Code, 2016, vide order dated 28.06.2019, passed by this Hon'ble Tribunal in CP (IB) No.563/7/HDB/2018; and to condone the delay of 09 days in filing the present Application. 2. Averments in the application in brief: a. It is submitted that the Petition was admitted by the Tribunal vide order dated 28.06.2019, and appointed Mr. Udayraj Patwardhan, as IRP, who was later confirmed as RP by the CoC's in its First CoC Meeting, dated 31.07.2019. b. It is stated that the Financial Creditor has submitted Form FA on 11.09.2019 for Withdrawal of CIRP Proce....

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....the 3rd CoC meeting is annexed here with as Annexure VI &VII. f. It is stated that in order to receive the documents and to file necessary documentation RP requested the Tribunal to condone the delay of 09 days. g. It is averred that in the meeting dated 12.09.2019 CoC members unanimously (100%) approved for withdrawal of application submitted by Financial Creditor. The copy of minutes of the meeting are shown as Annexure VI&VII. 3. I have heard the counsel appearing for Resolution Professional/applicant herein. The applicant is Resolution Professional. The Application is filed under Section 12A of the Code, which is a newly added provision in the code. Sec 12A of the Code read as follows: "The Adjudicating Aut....

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....constitution or seven days of receipt of the application, whichever is later. d. Where the application is approved by the Committee of creditors with ninety per-cent voting share, the Resolution Professional shall submit the application under sub-regulation (1) to the Adjudicating Authority on behalf of the applicant, within three days of such approval. e. The Adjudicating Authority may, by order, approve the application submitted under sub-regulation (4). 6. Regulations 30A is a newly added regulation. It provides for the procedure for withdrawal of application filed under section 12A of the code. 7. The application for withdrawal under section 12A of the code shall be submitted to the IRP or RP as the case maybe in....