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2019 (5) TMI 1826 - Tri - Insolvency and BankruptcyPermission for withdrawal of application - settlement of the outstanding Debt - HELD THAT:- Under section 12A an Adjudicating Authority can allow the withdrawal of Application admitted u/s. 7 on an Application made by the Applicant with the approval of 90% voting share of the Committee of Creditors. Since in this case only one Financial Creditor i.e. the Petitioner himself, is on record hence entitled to move this Application for withdrawal of his own Application moved against the Corporate Debtor. As well as the provisions of Section 12A read with Regulation 38 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016, the Application for withdrawal of the Insolvency Proceedings is hereby "allowed" - Petition filed under section 7 of the IBC by the Petitioner stood "withdrawn" without proceeding for Insolvency, as prayed for, therefore, to be consigned to records.
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