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2019 (8) TMI 1711 - AT - Insolvency and BankruptcyValidity of Resolution plan - Withdrawal of CIRP application filed under Section 9 - 90% voting shares of the ‘Committee of Creditors’ were received for approval (of withdrawal) - HELD THAT:- The Allottees (Home Buyers) are also Members of the ‘Committee of Creditors’, therefore, while calling meeting of the ‘Committee of Creditors’, they should also be called for voting in accordance with the existing provisions of law. In that view of the matter, it is the ‘Resolution Professional’ to place the proposal of Appellant/ Promoters before the ‘Committee of Creditors’. If necessary, the date of meeting of the ‘Committee of Creditors’ be fixed in the manner as prescribed under the Regulations and information be given to the ‘Financial Creditors’ including the allottees to take part - The ‘Committee of Creditors’ will consider the same taking into consideration the interest of the Allottees and will also take into consideration the viability and feasibility of the proposal. Bank Guarantee - HELD THAT:- It is clear that if the ‘Committee of Creditors’ approves the proposal with 90% voting shares, it may also ask the Promoters to give Bank Guarantee, as it may propose, failing which the Applicant, who has filed the application under Section 9, may not make prayer for withdrawal of the application. Place the case ‘for orders’ on 4th September, 2019.
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