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2021 (12) TMI 12 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHISeeking withdrawal of application - grievance of the Appellant is that the 1st Respondent had assumed the role of an ‘Adjudicating Authority’ applied his judicial mind and dismissed it prayer to place the information available with him before the ‘Adjudicating Authority’, as regards the withdrawal - Regulation 30A and 12A of the IBC, 2016 - HELD THAT:- The reality of the matter is that the Appellant, the Assignee of ‘JSB’, standing in the shoes of ‘JSBL’, will become an ‘Applicant’ in so far as the withdrawal is concerned as per Regulation 30A and 12A of the IBC, 2016. If the Regulation 30A(1)(a) is pressed into service then it is incumbent on the part of the Interim Resolution Professional/Resolution Professional to constitute the ‘Committee of Creditors’. Furthermore, in the instant case it can safely and securely be said that 1st Respondent/Resolution Professional by constituting ‘Committee of Creditors’ on 27.08.2020 as thwarted an endeavour of the Appellant in seeking a pre Committee of Creditors constitution withdrawal as per Regulation 30A(1)(a). Suffice it for this Tribunal to make a pertinent mention as the 1st Respondent/Resolution Professional, by constituting the Committee of Creditors after the submission of Form A, the 1st Respondent had acted not in tune with the intention of the Amendment dated 25.07.2019 brought in the CIRP Regulations, 2016. This ‘Tribunal’ keeping in mind a pivotal fact that the Appellant/Assignee of ‘JSBL’, is an ‘Applicant’ for the purpose of ‘CIRP Regulations’ and also considering the fact that the ‘person’ to whom debt has been legally assigned or transferred is also a ‘Financial Creditor’ as per Section 5(7) of the I&B Code, 2016, there is no impediment in Law for it to reap the benefit of amendment to Regulation 30A(1) of CIRP Regulations - this Tribunal interferes with the impugned order passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Mumbai) and set aside the same. Appeal allowed - decided in favor of appellant.
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