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2019 (7) TMI 1713 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - whether Section 12-A Application can be filed by the largest Creditor of the Committee of Creditors, and whether requisite 90% is fulfilled or not? HELD THAT:- The power to accept Application for withdrawal of Petition/Application is vest with Committee of Creditors and finally with Adjudicating Authority. Therefore, there is no bar for the Committee of Creditors to the file withdrawal Application by themselves or through IRP. In instant case,the original Petitioner is not interested to file an Application for withdrawal, even though the Corporate Debtor has given cheque for the admitted amount, and thus it is just and proper to accept the instant application in the interest of justice. Therefore, the contention of the Financial Creditor that the Petitioner alone has the Authority to file Withdrawal Application and none other him has right to file the Application for Withdrawal U/s 12A of Code is not at all tenable and liable to be rejected. And the Adjudicating Authority is empowered to permit any Applicant to file an Application U/s 12-A of the Code and can consider it. Application is allowed by permitting the Applicant to withdraw the main Company Petition - Company petition is dismissed.
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