9911796707
TMI Blog2017 (5) TMI 1635X X X X Extracts X X X X X X X X Extracts X X X X ..... as made in Newspapers for inviting claim from other creditors and for declaration of Moratorium. It appears from the provisions of Section 9(5)(ii)(b) that if repayment of the debt amount is made by the Operational Debtor, then adjudicating authority has power to reject the Petition, before admission of the Petition. After the admission, the Petition acquires the character of Representative su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aintainable at this stage and therefore, the IA deserves to be dismissed. - I.A. No. 226/KB/2017 and C.P.(IB) No. 150/KB/2017 - - - Dated:- 29-5-2017 - Vijai Pratap Singh, J. For Appellant: Akhilesh Ku. Shrivastava, Adv. and Akash Sharma, Pr.C.S. ORDER Vijai Pratap Singh, 1. Insolvency Resolution Professional (IRP) Shri Arun Kumar Gupta, has filed progress report in the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the disputes between them in an amicable manner and arrived at an amicable resolution. The Petitioner has stated that in view thereof he does not incline to pursue the present Company Petition and desirous to withdraw the same. On that basis, the Petitioner/Applicant has filed the Application for withdrawing the Petition. 4. It appears from the record that the Petition was filed under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. In this case, it is undisputed fact that the Application filed under Section 9 of the IBC 2016, for initiating Corporate Insolvency Resolution Process, has been admitted on 20/04/2017 and in compliance of the order dated 20/04/2017 publication of notice was made in Newspapers for inviting claim from other creditors and for declaration of Moratorium. It also appears from the provisions of Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rational Creditor and Operational Debtor. Therefore, Operational Creditor and Operational Debtor alone have no right to withdraw the Petition after admission. 8. On the above basis it is clear that the Application being IA No. 226/KB/2017 regarding permission to withdraw the Petition is not maintainable at this stage and therefore, the IA deserves to be dismissed. 9. IA No. 226/KB/2017 is di ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
