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2021 (7) TMI 99 - AT - Insolvency and BankruptcyPermission of withdrawal of application of CIRP of the ‘Operational Creditor’ - Section 12A of the Insolvency and Bankruptcy Code, read with Section 60(5) of the Code read with Regulation 30(a) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons Regulations, 2016) - HELD THAT:- It is pertinently pointed out that the Applicant/Interim Resolution Professional had preferred an application IA/232(CHE)/2021 in IBA/81/2020 as a result of settlement arrived at between the ‘Operational Creditor’ and the ‘Corporate Debtor’. In reality, the ‘Operational Creditor’ had filed Form FA under Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016. It is brought to the fore that the Applicant/Interim Resolution Professional received the aforesaid Form FA from the ‘Operational Creditor’ on 10.03.2021 for withdrawal of the main Company Petition, pursuant to Regulation 30A(2) sub section (a). The Applicant was in receipt of a cheque for ₹ 13,36,590/- in respect of the estimated expenses, etc. To put it precisely, IA/232(CHE)/2021 in IBA/81/2020 was filed pursuant to the ingredients of Regulation 30A(3) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons). Application filed by the Applicants/Proposed Respondents No.3 and 4 seeking permission of this ‘Tribunal’ to get themselves impleaded in the instant Company Appeal as Respondents No.3 and 4, to avoid plurality/multiplicity of litigation is not entertained - appeal dismissed.
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