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TMI Blog2019 (10) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... ithdrawal of the company petition CP(IB) NO.671/9/HDB/2018 which is filed under section 9 of the code. 2. The averments in the application in brief that this Adjudicating Authority by order dated 16.05.2019 admitted the Application in CP (IB) No. 671/9/HDB/2018, filed by Operational Creditor M/s. MM Aqua Technologies Ltd, under section 9 of the Code F/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 16.05.2019 and then IRP issued a public Announcement on 19.05.2019 calling for he creditors of the corporate debtor to submit their c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raft dated 27th June 2019 for Rs. 24,17,667/- drawn on Citibank in full and final settlement of the outstanding dues and another Demand Draft dated 1st July 2019 for Rs. 3,65,000 drawn on Yes Bank towards reimbursement of expenses incurred by the Petitioner towards CIRP expenses which the Petitioner acknowledges in full satisfaction of the outstanding dues. 8. Applicant further states that the Petitioner/Operational Creditor also confirmed having received the 'C' forms from the Respondent and confirmed that there are no outstanding issues on this account and with the above compliances the petitioner issued a 'No-Dues Certificate' to the COC. 9. Applicant further state that the remaining portion of his remuneration payable and other expens ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... voting share of the committee of creditors, in such manner as may be prescribed". 13. 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 for withdrawal then Adjudicating Authority to allow for withdrawal 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A. The COC discussed the same. The COC approved the withdrawal. The Committee of Creditors to approve with 90% of voting share. If approved the RP shall submit the application to the Adjudicating Authority on behalf of applicant and Adjudicating Authority may approve the same by order. 17. It is the case of applicant/RP that 100% voting share of Committee of Creditors approved the withdrawal application. The minutes of the meeting of Committee of Creditors dated 08.07.1019 is annexed at Pg no.30 in the application. 18. I have seen the minutes of the Committee of Creditors meeting held on 08.07.019. The members of Committee of Creditors having 100% voting share, unanimously approved the application for withdrawal filed by the applicant. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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