2021 (9) TMI 1326 - Tri - Insolvency and Bankruptcy

Withdrawal of CIRP application - section 12A of IBC - HELD THAT - The matter was settled and this application was filed. This application was not adjudicated upon and withdrawal did not happen, in the meantime the CoC is formed and there are two Financial Creditors, out of which one Financial Creditor has dissented to allow withdrawal, having 17% of voting share. At this stage, this application cannot be considered unless the consent from CoC, as required under the statute, is obtained - List further consideration on 24 November, 2021.

Summary

The Tribunal at the National Company Law Tribunal Allahabad Bench heard a case where an application under section 12A of the Code was filed by the IRP. The matter was settled between the Operational Creditor and Corporate Debtor after the order of CIRP was passed but before the CoC was constituted. The application could not be considered without consent from the CoC, as one Financial Creditor dissented to allow withdrawal. Further consideration was listed for 24 November 2021.