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TMI Blog2018 (11) TMI 1881X X X X Extracts X X X X X X X X Extracts X X X X ..... ch restriction for withdrawing the petition. It is pertinent to mentioned that IBBI (IRP for Corporate Persons), the third amendment Regulation, 2018 is effective with effect from 3.7.2018 and it is specifically mentioned that it shall apply to CIRP commencing on or after 3.7.2018. In this case, undisputedly, the CIRP has been started by an order dated 18.5.2018, therefore, Regulation 30A is not applicable in this case. As per the provision of Section 12A condition was only that the application for withdrawal can be permitted only if the CoC with vote share of 90% has passed the resolution. Section 12A has been inserted by Act No.26 of 2018 with effect from 6.6.2018 but it is clarificatory in nature - Conditions laid down in Section 12A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 100% quorum was present in the said CoC meeting. It is pertinent to mention that Federal Bank is the sole financial creditor who has 100% voting share in CoC. In this, Federal Bank moved the application for withdrawing the Petition and prior to this, RP has moved the application for withdrawing the Petition under Section 12A of the Code. In this case, Hon ble NCLAT has passed an order on 13.11.2018 in Company Appeal (AT)(Insolvency) No.242 of 2018, wherein it is held that Regulation 30A cannot override the substantive provisions of Section 12A according to which the applicant can only move application for withdrawal of the application before the Adjudicating Authority and not by the Resolution Professional. In compliance of the above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Professional, as the case may be, in Form FA of the Schedule before issue of invitation for expression of interest under Regulation 36A . It appears that Regulation 30A(1) specifically provides that the withdrawal permission can only be given before issue of invitation for expression of interest under Regulation 36A but Section 12A of the Code does not impose such restriction for withdrawing the petition. It is pertinent to mentioned that IBBI (IRP for Corporate Persons), the third amendment Regulation, 2018 is effective with effect from 3.7.2018 and it is specifically mentioned that it shall apply to CIRP commencing on or after 3.7.2018. In this case, undisputedly, the CIRP has been started by an order dated 18.5.2018, therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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