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TMI Blog2021 (2) TMI 1277X X X X Extracts X X X X X X X X Extracts X X X X ..... djudicating Authority) Rules 2016, under which the adjudicating authority may permit withdrawal of an application on a request made by the applicant before its admission. Consequently, it has been urged that the private settlement which was entered into between the first and second respondents is contrary to the express provisions of the IBC and may even amount to a preferential transaction within ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 020, the National Company Law Tribunal admitted the application filed against the Corporate Debtor and initiated the Corporate Insolvency Resolution Process; (ii) Following the admission of the application, the IRP was appointed; (iii) The Committee of Creditors was constituted some time prior to 15 January 2021, which is evident from the e-mail (Annexure A-2) dated 15 January 2021 by the IR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... withdrawal of the application can be made by the applicant with the approval of a 90% voting share of the Committee of Creditors, in such manner as may be prescribed. Regulation 30A provides for the manner in which the withdrawal can take place. Section 12A was enforced with effect from 6 June 2018. Regulation 30A has been enforced with effect from 25 July 2019. 3. Apart from the above provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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