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TMI BlogWithdrawal of application admitted under section 7, 9 or 10 [ Section 12A ]X X X X Extracts X X X X X X X X Extracts X X X X ..... s , in such manner as may be specified. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016- Withdrawal of application ( Regulation 30A ) Application for withdrawal [ Regulation 30A(1) ] An application for withdrawal 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. [ Regulation 30A(1)(a) ] the interim resolution professional shall submit the application to the Adjudicating Authority on behalf of the applicant, within three days of its receipt. [ Regulation 30A(3) ] The Adjudicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... till the date of filing of the application under clause (a) of sub-regulation (1); or (b) towards estimated expenses incurred for purposes of clauses (aa), (ab), (c) and (d) of regulation 31 , till the date of filing of the application under clause (b) of sub-regulation (1). Deposit the Actual expenses incurred for the purpose of regulation 30A(2) [ Regulation 30A(7) ] Where the application is approved under regulation 30A(6), the applicant shall deposit an amount, towards the actual expenses incurred for the purposes of regulation 30A(2) (a) or (b) till the date of approval by the Adjudicating Authority, as determined by the interim resolution professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 The exit route prescribed in section 12A is not applicable to a Resolution Applicant. The procedure envisaged in the said provision only applies to applicants invoking sections 7, 9 and 10 of the Code Himadri Foods Ltd. Vs. Credit Suisse Funds AG NCLAT order dt. 07.01.2021 Once the terms of settlement providing a repayment schedule was incorporated in the order, thereby making it an order/ decree of the Court, the grant of liberty to the FC to come back in case of breach of settlement terms could only be interpreted to mean that the revival of CIRP would be sought for non-compliance with the terms of settlement. Francis John Kattukaran Vs. The Federal Bank Ltd. Anr. NCLAT order dt. 13.11.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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