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2019 (2) TMI 2007 - AT - Insolvency and BankruptcyPermission for withdrawal of application - grievance of the Punjab National Bank is that Mr. Krishna Kumar Mintri, the shareholder, while settled the claim with the sole financial creditor and other claimants agreed to make payment of fees and resolution cost of the Resolution Professional, as verified and approved by the Committee of Creditors (Punjab National Bank) - HELD THAT:- The issue relating to application of Section 12A and Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 framed by the IBBI fell for consideration before the Hon'ble Supreme Court in BRILLIANT ALLOYS PRIVATE LIMITED VERSUS MR. S. RAJAGOPAL & ORS. [2019 (3) TMI 1016 - SC ORDER] it is clear that Regulation 30A cannot override the substantive provision of Section 12A. The Regulation has to be read alongwith the provision in Section 12A, which contains no such stipulation. No discrimination can be made for withdrawal of an application under Section 7 or Section 9 on the ground that the application was filed before a cutoff date or filed after a cutoff date. Such cutoff date has no nexus with the objective which is to be achieved. The Adjudicating Authority having failed to notice the aforesaid provisions issued long order discussing regulations and provisions of the Code. The Adjudicating Authority should have allowed application of withdrawal filed by the Applicant - Punjab National Bank, the Committee of Creditors having approved the Settlement with 100% voting share. So far as Resolution Applicant is concerned, they do not have any right to plead merely because they have filed resolution plan, till its approval or rejection by the Adjudicating Authority - the application filed by Punjab National Bank for withdrawal of the application under Section 7 is allowed - petition dismissed.
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