9911796707
TMI Blog2019 (8) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 9 of the code. 2. The averments in the application in brief that this Adjudicating Authority by order dated 22.04.2019 admitted the Application in CP (IB) No. 439/9/HDB/2018, filed by Operational Creditor M/s. Atmel Global Sales Limited, under section 9 of the Code R/W Rule 6 of the IBC, 2016. 3. The Applicant/Interim Resolution Professional stated that he was appointed as Interim Resolution Professional for the Corporate Debtor as per orders of the Adjudicating Authority and has initiated CIRP proceedings with effect from 22.04.2019 and given public announcement on 24.04.2019 in two newspapers(Times of India and Nava Telangana) and same has been published in IBBI website through Form-A. 4. The Applicant stated that in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 12A of the Code, which is a newly added provision in the code. Sec 12A of the Code read as follows: "The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10, on an application made by the applicant with the approval of ninety percent voting share of the committee of creditors, in such manner as may be prescribed". 8. It is clear from section 12A of the Code that the Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10 on an application filed by the applicant with the approval of 90% voting share of the Committee of Creditors. Thus it is clear if 90% voting share of Committee of Creditors approves application f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wal under section 12 A of the code shall be submitted to the IRP or RP as the case maybe in Form FA of the schedule before issue of invitation for expression of interest and further to be accompanied by a bank guarantee towards estimated cost. However on 26.06.2019 Applicant filed withdrawal application in Form FA. The COC discussed the same. The COC approved the withdrawal by giving relaxation. Then Committee of Creditors to approve with 90% of voting share. If approved the IRP shall submit the application to the Adjudicating Authority on behalf of applicant and Adjudicating Authority may approve the same by order. 12. It is the case of applicant/IRP that 100% voting share of Committee of Creditors approved the withdrawal application. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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