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TMI Blog2019 (12) TMI 1141X X X X Extracts X X X X X X X X Extracts X X X X ..... application even after admission of Petition. Petition disposed of as Withdrawn under Section 12A of Insolvency and Bankruptcy Code, 2016. - IA NO. 920 OF 2019 - - - Dated:- 23-10-2019 - Ratakonda Murali, Judicial Member And Narender Kumar Bhola, Technical Member Dr. Ahalada Rao Vummenthala, CS IRP for the Applicant. ORDER Narender Kumar Bhola, The Application is filed by the Interim Resolution Professional under Section 12A Read with Regulation 30A of IBBI (CIRP) Regulations,2016 seeking permission to withdraw the Company Petition i.e CP(IB)No.219/9/HDB/2019. 2. The brief averments made in the Application are as follows: (a) It is averred that this tribunal vide order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hdrawal under section 12A may be made to the Adjudicating Authority - (a) before the constitution of the committee, by the applicant through the interim resolution professional; (b) after the constitution of the committee, by the applicant through the interim resolution professional or the resolution professional, as the case may be: Provided that where the application is made under clause (b) after the issue of invitation for expression of interest under regulation 36A, the applicant shall state the reasons justifying withdrawal after issue of such invitation. (2) The application under sub-regulation (1) shall be made in Form FA of the Schedule accompanied by a bank guarantee- (a) towards estimated expen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Adjudicating Authority, as determined by the interim resolution professional or resolution professional, as the case may be, within three days of such approval, in the bank account of the corporate debtor, failing which the bank guarantee received under sub- regulation (2) shall be invoked, without prejudice to any other action permissible against the applicant under the Code. . 6. This Application is filed under Section 12A of I B Code, 2016. The Petition filed under Section 9 by the Operational Creditor is admitted by this tribunal on 18.10.2019 and ordered Corporate Insolvency Resolution Process against Corporate Debtor. Interim Resolution Professional reported to the Tribunal that Parties settled the matter and requested th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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