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TMI Blog2019 (9) TMI 891X X X X Extracts X X X X X X X X Extracts X X X X ..... ication filed under section 7 or section 9 or section 10 of the Code. The application for withdrawal under section 12A 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. In this case EOI was issued on 03.05.2019 and the same was published. However on 04.05.2019 Financial Creditor filed withdrawal application in Form FA. The COC discussed the same. However, they 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the IB(AAA) Rules,2016. 3. The Applicant/Interim Resolution Professional avers that she was appointed as Interim Resolution Professional for the Corporate Debtor as per orders of the Adjudicating Authority. 4. It is averred that in pursuance to Section 21 of I B Code, IRP constituted committee of creditor on 13.03.2019. The list of members of COC and list of Creditors as on date are enclosed herewith as Annexures-I II. As per the provisions of Regulation 35 of Insolvency and Bankruptcy Board of India, Regulations, 2016 IRP has appointed the registered valuers for determination of liquidation and fair value of assets. But on the notice of withdrawal Application from Gowra Petrochem Private Limited (Financial C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application under Section 12A of I B Code, as submitted by Gowra Petrochem Private Limited/Financial Creditor. It is averred that financial Creditor submitted the application in Form FA for withdrawal of CIRP (Corporate Insolvency Resolution Process) initiated against corporate debtor. It was filed under section 12A of the I B Code, R/W Regulation 30 A of I B (Corporate Insolvency Resolution Process) Regulations, 2016. The copy of withdrawal application in Form FA is enclosed as Annexure-VI. 9. It is averred that in the meeting dated 08.05.2019 COC members unanimously (100%) approved for withdrawal application submitted by Gowra Petrochem Private Limited/Financial Creditor. The copy of minutes of the meeting are shown as Anne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithdrawing the application filed under section 7 or section 9 or section 10 of the Code. 14. 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 12A shall be submitted to the Interim resolution professional or the Resolution Professional, as the case maybe, in Form FA of the Schedule before issue of invitation for expression of Interest under regulation 36A. 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same by order. 17. 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 08.05.2019 is shown as Annexure VII. 18. I have seen the minutes of the Committee of Creditors meeting held on 08.05.2019. The members of Committee of Creditors having 100 % voting share, unanimously approved the application for withdrawal filed by the applicant/ Financial Creditor. 19. No doubt the present application for withdrawl is filed after publication of EOI. Hon'ble Apex Court has held in the decision below that withdrawal can be permitted even after publication of EOI reported in [ Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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