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2019 (12) TMI 1576 - Tri - Insolvency and BankruptcyPermission for withdrawal of petition - recording of terms and conditions of settlement agreement - Constitution of CoC - HELD THAT:- Mere plain reading of the provisions shows that Section 12A inserted by the amendment dated 06.06.2018 under which an application which was admitted under Section 7, 9 or 10 can be withdrawn and regulation 30A which has been amended recently provides how the withdrawal applications filed under Section 12A can be entertained by the Adjudicating Authority while considering the prayer of withdrawal of applications which has been admitted under Section 7, 9 or 10. Mere plain reading of the amended provision made in the regulations shows that there are two circumstances under which withdrawal is permissible. One is before the admission of the application under Section 7, 9 or 10 and before the constitution of COC and second one is after the admission of the application under Section 7, 9 or 10 and after the constitution of the COC and appointment of IRP. The present application herein is admitted on 01.11.2019 and IRP was appointed and the Operational Creditor was also directed to deposit of ₹ 2 lacs to meet the immediate expense of the IRP but here in the place of IRP the applicant directly filed the application under Rule 11 of the NCLT rules - the applicant has not filed the application under Section 12A read with Regulation 30A through TRP rather it is filed without following the procedure laid down in Section 12A of IBC, 2016 read with Regulation 30A of CIRP Regulations. So, in our opinion, the present application is not maintainable and liable to dismissed. Application dismissed.
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