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TMI Blog2020 (8) TMI 891X X X X Extracts X X X X X X X X Extracts X X X X ..... nkruptcy Code 2016 with Rule 154 of NCLT Rules 2016 - HELD THAT:- IRP constituted the CoC consisting of Mr. Mukeshbhai Desai as Financial Creditor. The said constitution of CoC was challenged by the Suspended Management vide IA 752/19, which said IA was allowed on 10.07.2020, whereby, the constitution of the CoC with sole member namely Mukeshbhai Desai has been declared as void ab initio since th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt application after about four months without assigning any reason for such delay - It is pertinent to mention that IA 752/2019 was pending for adjudication but the RP never mentioned and/or apprised the Adjudicating Authority about the filing of the Form FA by Operational Creditor, subsequently filed withdrawal of CP(IB) 118/2018, meanwhile was contesting the said IA 752/19 by filing a reply and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2016 and Section 60(5) of the Insolvency and Bankruptcy Code 2016 with Rule 154 of NCLT Rules 2016 with the following prayer: (a) Exercise its inherent powers under rule 11 of the National Company Law Tribunal Rules, 2016, read with Section 1 2A of the IBC and regulation 30A of the CIRP Regulations, and dismiss the CP(IB) No. 178/9/NCLT/AHM/20 18 as having been withdrawn; (b) Discharge the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed on 10.07.2020, whereby, the constitution of the CoC with sole member namely Mukeshbhai Desai has been declared as void ab initio since there are no other claimants, and the Corporate Debtor is a going concern, hence the liberty was granted to the Operational Creditor to file the withdrawal application. 4. It is stated that RP thereafter filed the instant application on 27.07.2020 with a pray ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Form FA by Operational Creditor, subsequently filed withdrawal of CP(IB) 118/2018, meanwhile was contesting the said IA 752/19 by filing a reply and advancing argument, thereby not only wasted his own time and money but has also wasted the time of the Adjudicating Authority and its resources, such action of the RP is not accepted. 7. Under the facts and circumstances narrated herein above, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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