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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 ..... f the Code. 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 2015, are complied - By virtue of provisions of sec 12A, Tribunal is empowered to approve the application for withdrawal. Application allowed. - IA No. 511 And 589/2019 CP (IB) No. 671/9/HDB/2018 - - - Dated:- 18-7-2019 - SHRO RATAKONDA MURALI, MEMBER (JUDICIAL) For The Applicant : Shri Chakravarthi Srinivasan And Rusheek Reddy, RP For The Operational Creditor : Rusheek Reddy For The Corporate debtor : Mr V. Vinesh Raj ORDER Per : Shr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted a report to the Adjudicating Authority on 6th June 2019 under Regulation 17(1) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 6. The applicant states that the first meeting of the Committee of Creditors was held on 12th June 2019 wherein the IRP has been appointed as a Resolution Professional (RP). The RP accordingly filed a Report to the Adjudicating Authority on 14th June 2019 under Regulation 22(3)(a) of the Insolvency and Bankruptcy Code, 2016 Communicating the appointment of Resolution Professional by the Committee of Creditors. During the interregnum period, the Corporate Debtor held discussions with the Operational Creditor, M/s. MM Aqua T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the additional documents like (1) the Settlement Agreement, (2) the No-Dues Certificate issued by the Operational Creditor, M/s. MM Aqua Technologies Ltd., and (3) the No-Dues Certificate issued by the Resolution Professional. 11. RP states that the he has placed Form FA before the COC for its approval and the COC approved the withdrawal application with 100% voting share and there by subject to the approval of the Tribunal RP filed application on behalf of the Committee of Creditors under Sec 12A of the IBC, praying this Hon ble Adjudicating Authority to approve the withdrawal of the Petition CP(IB) No. 671/9/HDB/2018. 12. I have heard the Resolution Professional/applicant herein. The applicant is Resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nk guarantee towards estimated cost incurred for purposes of clauses (c) and (d) of regulation 31 till the date of application. c. The committee shall consider the application made under sub-regulation (1) within seven days of its constitution or seven days of receipt of the application, whichever is later. d. Where the application is approved by the Committee of creditors with ninety percent voting share, the Resolution Professional shall submit the application under sub-regulation (1) to the Adjudicating Authority on behalf of the applicant, within three days of such approval. e. The Adjudicating Authority may, by order, approve the application submitted under sub-regulation (4). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19. 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 2015, are complied. 20. By virtue of provisions of sec 12A, Tribunal is empowered to approve the application for withdrawal. 21. This Tribunal by exercising powers under section 12A of the Code R/W regulations 30A of IBC( Corporate Insolvency Resolution Process) Regulations 2016, approved the application for withdrawal. 22. Consequently, application filed by RP is to be allowed and moratorium order passed under section 14 shall cease to exist. In the result IA No. 589/2019, is allowed and application f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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