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2018 (11) TMI 1942 - AT - Insolvency and BankruptcyResolution professional seeking withdrawal of application under Section 12A of the I&B Code - Whether RP can move such withdrawal application? - HELD THAT:- The ‘resolution professional’ cannot file an application for withdrawal of an application under Section 7 or 9 or 10 of the I&B Code. As per Section 12A, it is the applicant who can only file such an application for withdrawal on which the Adjudicating Authority may pass an appropriate order - Therefore, the application for withdrawal can be filed only by the applicant, who initially filed application under Section 7 or 9. Regulation 30A cannot over-ride the substantive provisions of Section 12A according to which the ‘applicant’ can only move application for withdrawal of the application before the Adjudicating Authority and not by the ‘resolution professional’. Therefore, if the application for withdrawal is filed by the applicant in the present case, in such case the Adjudicating Authority will decide the case in accordance with the provisions of Section 12A - Post the matter ‘for orders’ on 11th December, 2018 to report the development.
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