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TMI Blog2018 (11) TMI 1942X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 12A of the I B Code - Whether RP can move such withdrawal application? - HELD THAT:- The resolution professional cannot file an application for withdrawal of an application under Section 7 or 9 or 10 of the I B Code. As per Section 12A, it is the applicant who can only file such an application for withdrawal on which the Adjudicating Authority may pass an appropriate order - Therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Gaurav Nair and Ms. Pranati Bhatnagar, Advocates For the 1st Respondent: Mr. Abhishek Anand, Advocate For the 2nd Respondent : Mr. George V.M., Advocate ORDER Learned counsel for the parties submit that the Committee of Creditors by majority vote of 100% has approved the proposal and the resolution professional has moved an application under Section 12A of the I B Code. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licant submits that as per Regulation 30A of Insolvency and Bankruptcy Board of India (Insolvency Regulation Process for Corporate Persons) Regulations, 2016 , the resolution professional can move the application, which reads as follows: 30 A. Withdrawal of application. (1) An application for withdrawal under section 12A shall be submitted to the interim resolution professional or the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pproval. (5) The Adjudicating Authority may, by order, approve the application submitted under sub-regulation (4). However, Regulation 30A cannot over-ride 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 . Therefore, if the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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