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2020 (8) TMI 891 - NATIONAL COMPANY LAW TRIBUNAL AHMEDABADSeeking withdrawal of application - Section 12A of the IB Code, 2016 read with regulation 30(1) (a) of the CIRP Regulations, 2016 along with Rule 11 of National Company Law Tribunal Ruled, 2016 and Section 60(5) of the Insolvency and Bankruptcy Code 2016 with Rule 154 of NCLT Rules 2016 - HELD THAT:- IRP constituted the CoC consisting of Mr. Mukeshbhai Desai as Financial Creditor. The said constitution of CoC was challenged by the Suspended Management vide IA 752/19, which said IA was allowed on 10.07.2020, whereby, the constitution of the CoC with sole member namely Mukeshbhai Desai has been declared as void ab initio since there are no other claimants, and the Corporate Debtor is a going concern, hence the liberty was granted to the Operational Creditor to file the withdrawal application - It is stated that RP thereafter filed the instant application on 27.07.2020 with a prayer for withdrawal of the IB application filed Under Section 9 of the lB Code along with form FA dated 16.03.2020, i.e. application for the withdrawal of Corporate Insolvency Process( Under Regulation 30A of the IBBI ( Insolvency Resolution Process for Corporate Process) Regulation 2016 (Annexure C page No.37 in the said form FA). It is very surprising that the said form FA is dated 16.03.2020/20.03.2020, duly signed by the authorized signatory of the operational Creditor of CP(IB) 178/18, but the same has been filed along with the instant application after about four months without assigning any reason for such delay - It is pertinent to mention that IA 752/2019 was pending for adjudication but the RP never mentioned and/or apprised the Adjudicating Authority about the filing of the Form FA by Operational Creditor, subsequently filed withdrawal of CP(IB) 118/2018, meanwhile was contesting the said IA 752/19 by filing a reply and advancing argument, thereby not only wasted his own time and money but has also wasted the time of the Adjudicating Authority and its resources, such action of the RP is not accepted. The application so filed by the applicant RP is partially allowed.
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