9911796707
TMI Blog2019 (8) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 or section 9 or section 10 of the Code. It is the case of applicant/IRP that 100% voting share of Committee of Creditors approved the withdrawal application. The minutes of the meeting of Committee of Creditors dated 27.06.2019 is annexed at Pg no. 14-18 in the application. Present application is filed by RP before this Tribunal for approval of the withdrawal application. It is clear that Regulation 30A of IB (Corporate Insolvency Resolution Process) regulation 2016, are complied - By virtue of provisions of sec 12 A, Tribunal is empowered to approve the application for withdrawal. This Tribunal by exercising powers under section 12 A of the Code r/w regulations 30A of IBC (Corporate Insolvency Resolution Process) Regulations 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000(USD) on or before 28.06.2019 and the same was paid by corporate debtor i.e Excel Eltech. Inc USA on behalf of Corporate debtor M/s. Excel Eltech (India) Pvt Ltd to Operational Credtior i.e M/s. Atmel Global Sales Limited . 5. The Applicant stated that the operational creditor has intimated his willingness to withdraw the case filed under Section 9 of IBC, 2016 and thus issued Form FA as per the Regulation 30A of IBBI Regulations, 2016 on 26th June, 2019 and filed withdrawal application u/s 12A of IBC, 2016 on 26.06.2019 which was received on 27.06.2019 before the issue of invitation for Expression of Interest under Regulation 36A. 6. The applicant avers that the he has placed Form FA before the COC for 90% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... awing the application filed under section 7 or section 9 or section 10 of the Code. 9. The regulations 30A of I B( Corporate Insolvency Resolution Process), 2016, deals with Withdrawal of application. It reads as follows: a. An application for withdrawal under section 12 A shall be submitted to the Interim resolution professional or the Resolution Professional, as the case may be, in Form FA of the Schedule before issue of invitation for expression of Interest under regulation 36 A. b. The application in sub-regulation (1) shall be accompanied by a bank guarantee towards estimated cost incurred for purposes of clauses(c) and (d) of regulation 31 till the date of application. c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are of Committee of Creditors approved the withdrawal application. The minutes of the meeting of Committee of Creditors dated 27.06.2019 is annexed at Pg no. 14-18 in the application. 13. I have seen the minutes of the Committee of Creditors meeting held on 27.06.2019. The members of Committee of Creditors having 100 % voting share, unanimously approved the application for withdrawal filed by the applicant. The COC with 100% voting share have approved the application for withdrawal. Therefore permission can be granted under Section 12 A of the I B Code to the Application for withdrawal of Company petition. 14. Present application is filed by RP before this Tribunal for approval of the withdrawal application. It ..... X X X X Extracts X X X X X X X X Extracts X X X X
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