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2019 (9) TMI 891 - Tri - Insolvency and BankruptcyPermission for withdrawal of company petition - Application is filed under Section 12 A of the Code - HELD THAT:- It is clear from section 12A of the Code that the Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10 on an application filed by the applicant with the approval of 90% voting share of the Committee of Creditors. Thus it is clear if 90% voting share of Committee of Creditors approves application for withdrawal then Adjudicating Authority to allow for withdrawing the application filed under section 7 or section 9 or section 10 of the Code. The application for withdrawal under section 12A of the code shall be submitted to the IRP or RP as the case maybe in Form FA of the schedule before issue of invitation for expression of interest and further to be accompanied by a bank guarantee towards estimated cost. In this case EOI was issued on 03.05.2019 and the same was published. However on 04.05.2019 Financial Creditor filed withdrawal application in Form FA. The COC discussed the same. However, they approved the withdrawal by giving relaxation. Then Committee of Creditors to approve with 90% of voting share. If approved the IRP shall submit the application to the Adjudicating Authority on behalf of applicant and Adjudicating Authority may approve the same by order. We allow the settlement that has been entered into and annul the proceedings”. Hon'ble Apex Court held Sec. prevails over regulation Sec 12A of I&B Code provides for withdrawal. The COC with 100% voting share have approved the application for withdrawal. Therefore permission can be granted under Section 12A of the I&B Code to the Application for withdrawal of Company petition. Application withdrawn.
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