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2021 (5) TMI 1015 - NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCHSeeking withdrawal of the Corporate Insolvency Resolution Process - section 12A of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- I&B Code and CIRP Regulations provide for various activities to be completed in a time bound manner and model time lines is provided as stated above inspite of the same, the CoC had time and again directed the RP to postpone the issue of EOI and FORM G, other activities of CIRP as stated earlier. By exercising their Commercial Wisdom, they cannot be permitted to not comply with the Provisions of the I&B Code as well as Regulations framed thereunder. Neither RP, CoC has filed any IA for seeking permission of this AA in this regard thereby CoC in this case has taken Law in to its hands and not complied with applicable provisions of I&B Code and CIRP Regulations. Further after receipt of NCLT approval for the present withdrawal application, within 60 days they would receive their outstanding amount, constituting Monitoring Committee etc is not in line the I&B Code and CIRP Regulations further there is no backup plan is provided in case of failure to meet the shortfall within the time line agreed by the parties etc, and the settlement proposal contains lot of uncertainty, future events therefore the AA is of the confirmed view that the present application filed under Section 12 A of I&B Code read with Regulation 30 A of IBBI (CIRP) Regulations, 2016 deserves no favourable consideration therefore this application is dismissed. Application dismissed.
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