TaxTMI 
TaxTMI 
2020 (8) TMI 542
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.... and Mr. T.P. Sindhu, Advocates ORDER Heard Learned Counsel for the Appellant. It is stated that IRP did not duly move form F.A. for withdrawal leading to Impugned Order Dated 02.12.2019 being passed. The Learned Counsel for the Appellant submits that the Appellant has made efforts and now settled claims of the two Financial Creditors and two out of four Operational Creditors and is in the process of settling with the remaining two Operational Creditors who have responded to the Public Notice which was issued after Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 was admitted in this matter. 2. Mr. Abhimanyu Verma, Advocate for IRP states that the settlement has not taken place with all the Operational Creditors ....
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....ial Creditors and Operational Creditors but the IRP is creating various hurdles. 4. Considering the Provisions of Section 12 A of IBC and Regulation 30 A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, it is clear that the IRP is duty bound to place the Application for withdrawal within three days of its receipt. The grievance of the Appellant is that in spite of such provision such action was not taken. The Appellant is raising various grievances against the IRP. We have been dealing with these types of matters relating to withdrawal and in this regard various parties do appear to have been facing problems. The date of filing of application for withdrawal to Adjudica....
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....l financial creditors have to put their heads together to allow such withdrawal as, ordinarily, an omnibus settlement involving all creditors ought, ideally, to be entered into. This explains why ninety per cent, which is substantially all the financial creditors, have to grant their approval to an individual withdrawal or settlement. In any case, the figure of ninety per cent, in the absence of anything further to show that it is arbitrary, must pertain to the domain of legislative policy, which has been explained by the Report (Supra). Also, it is clear, that under Section 60 of the Code, the committee of creditors do not have the last word on the subject. If the committee of creditors arbitrarily rejects a just settlement and/or withdraw....
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....eal with the Applications in terms of above Para 79 while it may await response from IRP. 7. Having said this, considering the facts in the present matter that now CoC has been constituted, we find it appropriate that the Appellant should follow procedure under Section 12 A of IBC & IRP & CoC need to urgently complete the process. 8. The Learned Counsel for the Appellant states that after this Tribunal on 07th February,2020 directed that "If expression of interest has yet not been issued by IRP/RP the same may not be issued till next date", still it is stated that IRP has been writing letters to the Operational Creditors and calling them to come and file claims. The Learned Counsel requests that if the matter is remitted back to CoC, the ....