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2019 (12) TMI 431 - AT - Insolvency and BankruptcyWithdrawal of the insolvency proceedings - HELD THAT:- In the Judgement of Swiss Ribbons, Hon’ble Supreme Court (in para – 81) [2019 (1) TMI 1508 - SUPREME COURT] referred to the “Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016” (Regulations – in short) and dealing with Regulation 30-A, relating to withdrawal of Application the Hon’ble Supreme Court referred to its earlier Judgement in the matter of “Brilliant Alloys Private Limited versus S. Rajagopal & Ors.” reported in 2018 SCC OnLine SC 3154 to observe that Regulation 30-A(1) was not mandatory but that it was directory. The question, however, remains that the Hon’ble Supreme Court has in the above para – 82 left discretion with the Adjudicating Authority to allow or disallow an Application for withdrawal or settlement. The last sentence of the paragraph states that “this will be decided after hearing of the parties concerned and considering all relevant factors on the facts of each case.” Thus, Adjudicating Authority has to consider all relevant factors on facts of each case and to take a decision. When the Appellant - Mr. Jai Kishan Gupta was contacted, he showed some other functional office of the Corporate Debtor where again no address of the office was found. The Adjudicating Authority did not write in so many words but exercised its discretion to hear the Financial Creditor who had already filed claims. Considering facts of the matter, we do not interfere. There are no fault with the Impugned Orders passed. Adjudicating Authority did not accept or reject the withdrawal Application - decision taken by COC in rejecting the request for withdrawal has not been challenged before the Adjudicating Authority - appeal dismissed.
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