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2018 (11) TMI 1881 - Tri - Insolvency and BankruptcySeeking permission to withdraw the Petition under Section 12A of the IBC, 2016 - reservation of the applicant bank’s right as a secured creditor to realise the balance debt due outstanding under the loan account from M/s. Trio Fab (India) Pvt Ltd by initiating appropriate legal action/s and recovery measures - seeking directions to the Corporate Debtor to pay the CIRP expenses - HELD THAT:- It appears that Regulation 30A(1) specifically provides that the withdrawal permission can only be given before issue of invitation for expression of interest under Regulation 36A but Section 12A of the Code does not impose such restriction for withdrawing the petition. It is pertinent to mentioned that IBBI (IRP for Corporate Persons), the third amendment Regulation, 2018 is effective with effect from 3.7.2018 and it is specifically mentioned that it shall apply to CIRP commencing on or after 3.7.2018. In this case, undisputedly, the CIRP has been started by an order dated 18.5.2018, therefore, Regulation 30A is not applicable in this case. As per the provision of Section 12A condition was only that the application for withdrawal can be permitted only if the CoC with vote share of 90% has passed the resolution. Section 12A has been inserted by Act No.26 of 2018 with effect from 6.6.2018 but it is clarificatory in nature - Conditions laid down in Section 12A are satisfied because application for withdrawal has been supported with 100% voting share of CoC. Therefore, application filed by Federal Bank deserves to be allowed. Petition dismissed as withdrawn.
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