9911796707
TMI Blog2019 (12) TMI 1141X X X X Extracts X X X X X X X X Extracts X X X X ..... at this tribunal vide order dated 18.10.2019 admitted the petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by the Operational Creditor and ordered initiation of Corporate Insolvency Resolution Process against corporate debtor and appointed Shri Ahalada Rao Vummenthala as IRP who is directed to take necessary actions in accordance with the relevant provisions of I&B Code, 2016. (b) It is averred that before issuance of Public Announcement as contemplated under Section 15 of I& B Code, 2016 the operational creditor and corporate debtor has reached the settlement and thus operational creditor filed Form-FA for withdrawal of the Company Petition. Copy of Form-FA filed by the operational creditor with IRP is being ann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rofessional for purposes of regulation 33, till the date of filing of the application under clause (a) of subregulation (1); or (b) towards estimated expenses incurred for purposes of clauses (aa), (ab), (c) and (d) of regulation 31, till the date of filing of the application under clause (b) of sub-regulation(l) (3) Where an application for withdrawal is under clause (a) of sub-regulation (1), the interim resolution professional shall submit the application to the Adjudicating Authority on behalf of the applicant, within three days of its receipt. (4) Where an application for withdrawal is under clause (b) of sub-regulation (1), the committee shall consider the application, within seven days of its receipt. (5) Where the applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... full fee and cost of publication. The Committee of Creditors is not yet constituted. The Procedure prescribed under Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons), 2016 has been followed. This tribunal has power under Section 12A Read with Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) 2016 permitting for withdrawal of the application even after admission of Petition. Accordingly CP (IB) NO.219/9/HDB/2019 is disposed of as Withdrawn under Section 12A of Insolvency and Bankruptcy Code, 2016 7. The Moratorium under Section 14 stands vacated and IRP stands discharged. The Corporate Debtor is allowed to function independently through its Board of Directors with immediate effect. 8. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
