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2019 (10) TMI 214 - Tri - Insolvency and BankruptcyPermission for withdrawal of the company petition - section 12A of IBC, 2016 - 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 withdrawal the application filed under section 7 or section 9 or section 10 of the Code. Present application is filed by RP before this Tribunal for approval of the withdrawal application. It is clear that Regulation 30A of IB (Corporate Insolvency Resolution Process) regulation 2015, are complied - By virtue of provisions of sec 12A, Tribunal is empowered to approve the application for withdrawal. Application allowed.
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