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2021 (6) TMI 1074 - Tri - Insolvency and BankruptcySeeking withdrawal of CIRP of Corporate Debtor - Seeking to constitute a revised CoC consisting of only Operational Creditors - original Financial Creditors who constituted the CoC had given letters of withdrawal - Section 12A of IBC, 2016 - HELD THAT:- It is noted that pursuant to the orders passed by this Tribunal, two CoC meetings were convened by the RP and in none of the meeting the RP has moved an agenda for fixing his fee / remuneration, however after CoC passing a Resolution for withdrawal of the Application under Section 12A of IBC, 2016 the RP seeks for fixing his fees. However, it is seen from FORM FA presented before this Tribunal that Bank Guarantee in a sum of ₹ 10 lakh, has been provided towards fees and costs of the Resolution Professional by the Operational Creditor. However, an objection is taken in this regard in relation to the person who had taken the Bank Guarantee (BG) not to be the party concerned, but by a third party company. Learned Senior Counsel for the Board of Directors whose powers stand suspended gives an undertaking on behalf of them that the BG will not be returned unhonoured under any circumstances and that the amount for which BG has been given will be duly met. Taking into consideration the said submissions made by the Ld. Counsel for the Applicant/RP/Respondents as well as the averments contained in the Application and also based on the unanimous Resolution passed by the CoC on 25.05.2021 under Section 12A of IBC, 2016 for withdrawal of CIRP of the Corporate Debtor, this instant Application stands allowed and in the circumstances, petition stands withdrawn. Consequently, the CIRP initiated against the Corporate Debtor also stands withdrawn. Application closed.
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