2018 (11) TMI 1942

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....aya ] Chairperson And [ Justice Bansi Lal Bhat ] Member ( Judicial ) For the Appellant : Mr. Varun Singh, Mr. Gaurav Nair and Ms. Pranati Bhatnagar, Advocates For the 1st Respondent: Mr. Abhishek Anand, Advocate For the 2nd Respondent : Mr. George V.M., Advocate ORDER Learned counsel for the parties submit that the 'Committee of Creditors' by majority vote of 100% has approved the p....

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....only by the applicant, who initially filed application under Section 7 or 9. Learned counsel for the applicant submits that as per Regulation 30A of 'Insolvency and Bankruptcy Board of India (Insolvency Regulation Process for Corporate Persons) Regulations, 2016', the 'resolution professional' can move the application, which reads as follows: "30 A. Withdrawal of application. ....

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....t the application under sub-regulation (1) to the Adjudicating Authority on behalf of the applicant, within three days of such approval. (5) The Adjudicating Authority may, by order, approve the application submitted under sub-regulation (4). However, Regulation 30A cannot over-ride the substantive provisions of Section 12A according to which the 'applicant' can only move application f....