2018 (11) TMI 1881

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....Y, MEMBER (T) ORDER 35. MA 1421/2018 IN CP (IB)-1309/MB/2017 MA 1421/2018 has been filed by the Financial Creditor Federal Bank Ltd under Section 12A of the Insolvency and Bankruptcy Code, 2016 seeking (i) permission to withdraw the Petition under Section 12A of the IBC, 2016 without prejudice to also reserving the applicant bank's right as a secured creditor to realise the balance debt d....

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....C meeting. It is pertinent to mention that Federal Bank is the sole financial creditor who has 100% voting share in CoC. In this, Federal Bank moved the application for withdrawing the Petition and prior to this, RP has moved the application for withdrawing the Petition under Section 12A of the Code. In this case, Hon'ble NCLAT has passed an order on 13.11.2018 in Company Appeal (AT)(Insolvency....

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.... may allow the withdrawal of application admitted under Section 7 or Section 10 or Section 10, on an application made by the applicant with the approval of 90%, voting share of the Committee of creditors, in such manner as may be specified." In this case, admittedly, the resolution for permitting the withdrawal of the petition has been passed with the vote share of 100%, therefore, the co....

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....(1) specifically provides that the withdrawal permission can only be given before issue of invitation for expression of interest under Regulation 36A but Section 12A of the Code does not impose such restriction for withdrawing the petition. It is pertinent to mentioned that IBBI (IRP for Corporate Persons), the third amendment Regulation, 2018 is effective with effect from 3.7.2018 and it is sp....