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2020 (1) TMI 1266 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCHPermission for withdrawal of Petition under Section 12A of the IBC, 2016 - CIRP process - It is argued by the Interveners that the Application filed under Section 12A seeking withdrawal should not be allowed because the order passed by this Tribunal admitting the Petition against the Corporate Debtor is in rem and not an order in personam. It is urged that the Petitioner should only be allowed to withdraw this Application once the Corporate Debtor may have settled with all the other Creditors. HELD THAT:- The Corporate Insolvency Resolution Process against the Corporate Debtor was initiated as on 30.08.2019 and the moratorium had also started, rendering all the other petitions filed by rest of Creditors as infructuous. Hence, in this case based on the facts & circumstances if the Application under section 12A of the Code for withdrawal is allowed, it would cause heavy prejudice to the rest of the Creditors. Appeal for withdrawal of application is dismissed.
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