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2021 (6) TMI 572 - Tri - Insolvency and BankruptcyPrayer for withdrawal of Company Petition filed under section 9 of IBC - HELD THAT:- The present application is filed under Section 12A IBC 2016 read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and not under Rule 11 of the NCLT Rules, 2016 - Mere plain reading of the provision shows that nowhere it is mentioned in the Regulations that a claim can only be verified on the last date. The applicant has not explained the reasons when he received the claim on 18.02.2021 and the last date was on 19.02.2021 then what prevented him to verify the claims within this period. And why he has waited for 7th day as provided in the Regulation 13(1) of the IBBI (Insolvency Resolution of Corporate Persons) Regulation, 2016 when he has received the claim of the financial creditor, who according to the regulations and laws would have been the sole member of the CoC. This has not been explained by the applicant/IRP. Admittedly, the CoC has not been constituted but from the material available on record, it is crystal clear, that claim of the financial creditor and other creditors (Operational Creditors) were received prior to the submission of the Form FA and as per the averment made in the application, the IRP instead of verifying the claims of the creditors, had waited for settlement, which was going to be arrived between the applicant and Corporate Debtor. Which in our considered view is not the letter and spirit of Section 12A and Regulation 30A of the IBBI (Insolvency Resolution of Corporate Persons) Regulation, 2016 as well as the decisions upon which the applicant has placed reliance - Since, the IRP has received a claim of one of the financial creditor, which is more than One Crore. Therefore, it is the duty of the IRP; before considering the Form FA, verify the claim and if the claim is found to be genuine then constitute the CoC and if the claim is not genuine then reject the same. Since, before the submission of Form FA, there was a claim of more than One Crore of the financial creditor, under such circumstances, there are no option but to reject the application submitted by the IRP to permit the applicant to withdraw the application - application rejected.
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