TaxTMI 
TaxTMI 
2019 (12) TMI 1576
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....ehalf of the Operational Creditor under Rule 11 of the NCLT Rules, 2016 with a prayer given below:- a) Record the terms and conditions of settlement agreement dated 13.11.2019 or alternatively the compromise settlement agreement dated 13.11.2019 be taken on record of the present proceedings and b) Direct the Insolvency resolution professional not to constitute COC and also to keep further action in abeyance till further order(s) of this Hon'ble Tribunal and c) Permit the Operational Creditor to withdraw the present petition subject to strict compliance of the terms and conditions of settlement agreement dated 13.11.2019 by the Corporate Debtor and liberty be granted to review the same is case of failure, and ....
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....pplicant (Operational Creditor), we have gone through the averments made in the application as well as the decisions upon which the Operational Creditor has placed reliance but before considering the submissions of the Operational Creditor, we would like to refer the provisions contained under Section 12A which related to withdrawal of application admitted under Section 7, 9 and 10 of IBC, 2016 alongwith regulation 30A of Insolvency And Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 [CIRP Regulations]. Both the sections are quoted below: "12A. Withdrawal of application admitted under section 7, 9 or 10. - The Adjudicating Authority may allow the withdrawal of application a....
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....egulation (1), the interim resolution professional shall submit the application to the Adjudicating Authority on behalf of the applicant, within three days of its receipt. (4) Where an application for withdrawal is under clause (b) of sub-regulation (1), the committee shall consider the application, within seven days o its receipt. (5) Where the application referred to in sub-regulation (4) is approved by the committee with ninety percent voting share, the resolution professional shall submit such application along with the approval of the committee, to the Adjudicating Authority on behalf of the applicant, within three days of such approval. (6) The Adjudicating Authority may, by order, approve the application su....
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....ter the constitution of the COC and appointment of IRP. The present application herein is admitted on 01.11.2019 and IRP was appointed and the Operational Creditor was also directed to deposit of Rs. 2 lacs to meet the immediate expense of the IRP but here in the place of IRP the applicant directly filed the application under Rule 11 of the NCLT rules. In our opinion there is a specific provision under Section 12A for withdrawal of application admitted U/S 7, 9 & 10 of IB Code and the procedures are prescribed under regulation 30A for withdrawal of applications after the admission of application and before and after the Constitution of the COC, therefore, we can say that before the constitution of the COC the application must be filed by th....