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TMI Blog2019 (5) TMI 1823X X X X Extracts X X X X X X X X Extracts X X X X ..... lication for withdrawal under Section 12A shall be submitted before issue of invitation for expression of interest under Regulation 30 A - The Hon'ble Supreme Court in Brilliant Alloys Pvt. Ltd. Vs. Mr. S. Rajagopal Ors., [ 2019 (3) TMI 1016 - SC ORDER ] has stated that Regulation 30A (1) is not mandatory but is directory for the simple reason that on the facts of the given case, application for withdrawal may be allowed in exceptional cases even after issue of invitation for expression of interest under Regulation 30A. In the present case, the minutes of the 6th meeting of the COC held on 31.03.2019 state that the RP informed COC that the Corporate Debtor has already made very serious and earnest efforts and cleared significant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as Code) was admitted and moratorium in terms of CA No. 301/2019 Section 14(1) of the Code was declared. By order dated 16.07.2018, Shri Sudhir Kalra was appointed as Interim Resolution Professional (IRP). He was confirmed as the Resolution Professional (RP) in the first meeting of the Committee of Creditors (COC) held on 05.08.2018. By order dated 07.01.2019, the time for completion of the Corporate Insolvency Resolution Process (CIRP) was extended for a period of 90 days more w.e.f. 02.01.2019. 2. CA No. 301/2019 is filed under Section 12A of the Code. It is stated that on 28.03.2019, the Financial Creditor Shri Sandeep Bidani moved an application before the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 557/2018 has stated that Regulation 30A (1) is not mandatory but is directory for the simple reason that on the facts of the given case, application for withdrawal may be allowed in exceptional cases even after issue of invitation for expression of interest under Regulation 30A. 5. We find that in the present case, the minutes of the 6th meeting of the COC held on 31.03.2019 state that the RP informed COC that the Corporate Debtor has already made very serious and earnest efforts and cleared significant part of the debt even without any support from its own debtors who are not clearing the debts under the garb of ongoing CIRP and that after a lot of deliberation, understanding was reached with reference to the dues of four financial cred ..... X X X X Extracts X X X X X X X X Extracts X X X X
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